Short sale question

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Posted by Ang on September 24, 2004 at 08:27:35:

We recently got an offer on our house, which, as we expected, is less than what we owe. My question is...how does the line of payment go? Does the realtor get paid first, then liens (i.e. taxes, water, etc.) THEN the mortgage co.? What happens with the deficiency if you don't have PMI? Do you have to come up with the whole thing or will they have a payment plan?

Follow Ups:

• Re: Short sale question (url) - TheShortSalePro 08:09:13 09/25/04 (0)

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: We recently got an offer on our house, which, as we expected, is less than what we owe.  My question is...how does the line of payment go?  Does the realtor get paid first, then liens (i.e. taxes, water, etc.) THEN the mortgage co.?  What happens with the deficiency if you don't have PMI?  Do you have to come up with the whole thing or will they have a payment plan?


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