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Posted by steele in minnesota on December 31, 2006 at 14:07:10:
In Reply to: Re: What qualifies a property for a short sale? posted by NJDave on December 30, 2006 at 04:03:17:
Short sales by definition mean that there is no equity once the sale is made,that there isn't enough to cover the costs. So some of these comments are a bit confusing. The owner still expects to take some money out of the property, yet wants the lender to lose? Sorry, that doesn't make sense.
And I sure hope no one is suggesting falsifying values and slipping some of the extra back to the former owner. With all the fraud going on in the industry I would be very careful with anything that doesn't pass the smell test.
Perhaps some of our colleagues can explain what they meant.
Steele in Minnesota
