Can a Short Sale deal go sour if a Promissory note is not signed?

Asked by Maureen, Florida Thu Feb 26, 2009

Have Buyer for Short Sale, excellent Offer, we cannot pay back to the bank. We have no extra money to pay back to Lender. We live on 1 retirement income.....pays rent and utilities not other debts. Will our home go into foreclosure....since we cannot pay anything to bank no matter what the deal is.
Thank you...

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Keith Sorem, Agent, Glendale, CA
Fri Feb 27, 2009
Maureen
You might want to check with http://www.hud.gov for help. Your Realtor should also be able to give you advice. Florida has a ton of homes on the market, the lender may not want to add to that problem.

The promissory note is usually not secured by real property. You might want to talk with an attorney regarding your options. Depending upon the situation you might see if the buyers are willing to pay part of the promissory note.
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Paula Bean, , Orlando, FL
Thu Feb 26, 2009
Maureen,
Short sales are difficult and you need a professional to help you with this.
Your questions depend on whether you have a government loan, freddie mad or fannie mae.

Do you live in the house or is it a rental? Do you want to stay in the house if it is your primary residence?

If so, you need to get in touch with an agent or an atty who helps people do loan modifications, forebearance, or one of many ways to keep you in your home if you wish to do so.

Many other questions to help you, if you want to talk email me at PaulaBean@HomeOrlando.com and give me your email address or phone number and I'll help you out. I've done this for 30 years and my goal is to help people out of this situation if I can.

Best wishes,
Paula Bean
Web Reference:  http://www.HomeOrlando.com
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