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Ratings. Guidance. The Right Lawyer.
How to negotiate Balance owed in Short Sale?
Chicago, IL
Viewed 133 times.
Posted 3 months ago in Foreclosure
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My short sale on my home in IL was approved. The first mortgage asked if we would bring $3000 to closing, finding out the second mortgage wants us to be held responsible for all $55k owed, we said no. We then found out the first mortgage was only offering the second $3000. So far we have not been told to sign a promissory note. Can we request a 1099 from the second instead of paying all the money back? We also find it unfair that the first mortgage is offering hardly anything to the second. We were never late or behind on payments and had to move unexpectedly after only being in the home for 2 years. If we do have to sign a promissory note how do we negotiate with the second mortgage? Whats the best way to deal with this debt without filing bankruptcy or ending up broke?
Answers (1)
Ahmad Tayseer Sulaiman
This attorney is licensed in Illinois.
Posted 3 months ago.
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The secondary lender gets typically nothing after the foreclosure sale in this economic environment due to the severe loss of equity in the housing market. That being said, if you offered the the first Lender a deed in lieu of foreclosure and left the first Lender to negotiate with the secondary Lender you may be in a better position. Please visit SulaimanLaw.com for more information about this procedure. If you are in court work on a consent to foreclosure.
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