Questions For SSP
Short Sale Pro,
I have a few questions relating to a seller I'm working with.
1. Seller has filed Chapter 13 three months ago. Short Sale still possible?
2. There are 2 weeks until the trustee's sale, can I get the Lender to delay the sale?
3. There are 2 mortgages. A 1st is a FHA loan with Chase at 70K owed (they are the ones foreclosing) The 2nd is with EMC Mortgage Co. and amount owed is about 10K. The value of the property is 85K. Under what circumstances will the 1st do a short sale? In other words, how much do I have to get the 2nd to accept, in order for the 1st to accept a SS?
Many thanks in advance!
Brad
1. Seller has filed Chapter 13 three months ago. Short Sale still possible?
Yes, but will require Bankruptcy Trustee's pre-approval, providing all other mortgagee short sale criteria is met.
2. There are 2 weeks until the trustee's sale, can I get the Lender to delay the sale?
Why would the property be exposed to sale if there is an automatic stay on proceedings via the Chapter 13?
3. There are 2 mortgages. A 1st is a FHA loan with Chase at 70K owed (they are the ones foreclosing) The 2nd is with EMC Mortgage Co. and amount owed is about 10K. The value of the property is 85K. Under what circumstances will the 1st do a short sale? In other words, how much do I have to get the 2nd to accept, in order for the 1st to accept a SS?
The first mortgagee could agree to accept no less than 82% of the confirmed, as-is value as net recovery; limiting the 2nd to $1000.
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