Can the lender come after my assets, such as my (timeshare) with a shortsale in progress?

Asked by Tracy, 33179 Sun Jan 2, 2011

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4
John Sacktig, Agent, New Jersey, NJ
Mon Feb 14, 2011
Hi Tracy,

What was the result of your short sale experience?

From my experience in short sales, yes the lender can ask that you liquidate the assets to pay back the loan.. But you don’t; have to do it. Once that happens, your short sale will probably not be approved.
Think about the situation logically and the answer should present itself.
When you move forward with this, you should probably seek the advice of an attorney and work with a Realtor that knows the short sale process.

John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409
JSacktig@orangekeyrealty.com
1 vote
Lila Lopez, Agent, South Miami, FL
Mon Jan 3, 2011
Good Afternoon Tracy,

This question as previously answered is a question you will wish to make to a real estate attorney that is knowledgeable in these matters. Each lender has different requirements and guidelines that they follow, and the only way to fully know the answer to this question is to have it addressed to the lender directly.

If you are in need of some contact numbers for real estate attorneys I would be more than happy to provide that information to you. Please feel to contact me.

Thank you,

Lila V Lopez

RE/MAX Advance Realty
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jan 3, 2011
In order to best protect yourself and any other assets you may have, do consider consulting with an attorney who specializes in real estate--he/she can best advise as it relates to your specific situation--then go from there....
0 votes
Patrick Thies, Agent, Anytown, IL
Sun Jan 2, 2011
It is possible that the lender could come after you if they find out that you have other assets when doing a short sale. Lenders usually won't approve a short sale if the seller has assets. One of the requirements of a short sale is that the seller can not have any other assets or walk away from the transaction with money from the sale.
0 votes
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