short sale on mobile home
i have gathered enough info to know what short sales are
now i would like to know if some one can buy a house through a short sale if the house is not in forclosure?
we have a mobile home that is not worth what we owe on it (thats all)
we are not behind on payments, its in really good shape, it's just not worth what we owe on it. can we sell it through a short sale?
And if we can . will the morg. co. deduct realtor fees from what we get for it?
Hi stacy,
A Bank would probably never allow a short sale on a property unless you fell behind in payments. Even if you fell behind in payments, the bank would probably want to see your banks statements and possibly your last check stub. If you still had the same income, and nothing (like medical bills or something) have made your financial position change, then the bank would still probably reject a short sale.
If you did fall back on payments, a investor could contact the bank about buying the MORTGAGE at a discount. The banks may consider this. It would be good for the investor, good for the bank, and good for you. The bank may send you a 1099 at the end of the year (the difference between the mortgage amount and what it was sold for), but my guess is that your tax consequences would be minor. After the investor bought the mortgage, you could give him/her a warranty deed to give him the ownership.. He could then sell the property, lease option it, or even move it away to a different parcel of land as a weekend getaway or something. The investor would be in a pretty good position if they bought the mortgage at a good discount. Hope this helps and Best of Success!