Short Sale On Mobile Home
I posted this in the forclosure forum, I thought I would post it in the right area.
I have a mobile home that is up for sale, my motgage company said that they would take 30,000.00 for a short sale. We have buyers on the home that have offered 40,000.00. We have to pay the realtor 4,000.00 and that leaves us with 6,000.00 which we need to pay of our back lot rent and personnel loan.
Is this legal? Im not sure what to do, I don't want our motgage company to get the 40,000.00 and not give us the difference or we can't move.
We currently owe 45,000.00.
Any advise?
Thanks
If you have a mobile home on rented land. If I understand your post correctly, you are getting a very good deal.
You owe 45,000 to the mortgage company and they are willing to settle for 30,000 to pay off the mortgage,is that correct?
You have buyers who offered you 40,000 for the home and they can pay cash or get a loan, to come up with the 40,000, is that correct?
Take the deal and consider yourself very lucky.
It does sound like a great deal, but the company wants a purchase agreement, when they see that we are getting 40,000.00 for the house won't they back out of the 30,000.00 short sell and keep the full amount?
I am just concerned that this seems to good to be true. The couple that is buying the house is already approved for a mortgage of 40,000.00 and my realtor said that her 4,000.00 comes right off the top of the loan so can't they do that with the 6,000.00 remaining so my mortgage company doesn't get it?
I need to pay off some back lot rent and loans....in order to move