Quote:
Originally Posted by el presidente
1. Still has an income that can pay for the note.
2. Has $XX,000.00 in equity in his primary residence
3. Is current on the payments
As they peer into his world, they will wonder why they (the bank) are the only one 'losing' in this scenario. They very well may deny considering a short sale until he defaults, loses his income or has no other assets from which to draw equity from.
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Obviously every situation is unique, regarding short sales the new protocol with lenders is to negotiate at any point lately I've seen borrowers have a better hand with the mortageor as long as they keep the payments current. Waiting until the payments were late was plain stupidity on the banking part IMO. I do agree that he should continue to take a loss and wait for the market to turn around but I'm not the one with his checkbook..once again he should consult his CPA and Attorney to evaluate his position.