How Long After a Short Sale Can a Lender Go After Me for the Difference?
Posted on 16. Apr, 2010 by Patrick Precourt in Business, Investment, Preforeclosure, Real Estate, Short Sales
(No Ratings Yet)Don’t you feel like it seems like the short sale game is changing on a daily basis? One day the government comes up with a new program that states our sellers are not liable for the tax portion of the forgiven debt only to find out that again they wasted the Tax Payer’s money (our money) because only a tiny pool of homeowners actually qualify! Listen in as I go over how long after a short sale transaction that a lender can go after our clients (the homeowner(s)), what to do when you are negotiated a short sale only to find out the lender requires the property be listed by a licensed real estate agent, the best place to find money today to finance our deals, and much more. Visit www.FridayCoffeeBreak.com for more real estate videos from Patrick Precourt.
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Erica
05. Jul, 2010
Hi Pat,
What if you have already signed an option to purchase contract with the seller is it then ok to have the property listed? One of the the step by step forms I saw on another site was to sign an opt contract 1st then have it listed and then fax all of the financials and other paperwork to the short sale dept. Are you saying that this is not the way to do it?
Thanks,
Erica