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Posted by Alix on August 21, 2003 at 18:13:42:
We recently had a Chap. 7 BK discharged in NJ, intending to give up the house all along. Now mortgage holder #1 has started foreclosure proceedings. The second mortgage holder has written that they intend to do so but have not yet gotten as far along in the process as the first, although it is obvious they fully intent to.
We are considering a short sale with a realtor. The house is upside down quite a bit and is a real fixer-upper. Is it common for lenders to negotiate with potential buyers (investors, probably)? Would we be responsible for any legal fees? Sorry if the question seems stupid or has been previously answered, but we have never been in this situation before and don't want to make a mistake. We are broke enough already!
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