Has anyone have a short Dutch auction refuse by the mortgage lender.?
We have our investment property for sale because we cannot be paid the payments anymore. The renters are 5 months behind with rent & are immediately squatters. We are trying to evict them but it's costing even more money. We've had an offer which be submitted in December. The lender has replied this week stating they will consider the propose but we may have to give them the difference surrounded by what is paid to what is owed. Can they do that? We'll be bankrupt.
Answers:
Yes.
The hill in a short sale have the final say on what they will accept and won't.
BUT..
if you are contained by a state that is non recourse (not sure though on investment property...but I know for primary residence) they cannot sue you or get the shortfall. They will distribute you a 1099 with the shortfall and you have to claim it as income on your taxes. California is a non recourse state if your property is in that.
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Answers:
Yes.
The hill in a short sale have the final say on what they will accept and won't.
BUT..
if you are contained by a state that is non recourse (not sure though on investment property...but I know for primary residence) they cannot sue you or get the shortfall. They will distribute you a 1099 with the shortfall and you have to claim it as income on your taxes. California is a non recourse state if your property is in that.
Related Questions:
How does MBS (mortgage back securities) affect the holder? Relation to Factors?Cash Flow?
If I am a holder of a MBS (Mortgage Back Security Bond), how does Pool Factors affect me as well as the Payment and Interest? When 'Factors' are updated monthly, it means the Principal and Interest of that extraordinary bond...