Has anyone had a short sale refused by the mortgage lender?
Friday, February 26th, 2010 at
5:06 pm
We have our investment property for sale because we cannot make the payments anymore. The renters are 5 months behind with rent & are now squatters. We are trying to evict them but it’s costing even more money. We’ve had an offer which was submitted in December. The lender has replied this week stating they will consider the offer but we may have to give them the difference in what is paid to what is owed. Can they do that? We’ll be bankrupt.
Passive Income
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Tagged with: 5 Months • Investment Property • Money • Short Sale
Filed under: rent property
Yes.
The bank in a short sale has the final say on what they will accept and won’t.
BUT..
if you are in 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 send 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 there.