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Re: Foreclosure Date Set - now what?

Posted by info on February 20, 2007 at 05:26:35:

In Reply to: Foreclosure Date Set - now what? posted by Adabel on February 19, 2007 at 23:27:36:

Q. If you refinanced and now have a $350,000 loan, how is this an 80/20?

A short sale is a negotiated transaction in which your lender allows you to sell the home at its as-is, fair market value and agrees to release its lien in exchange for proceeds from sale. You may still be liable to repay some of the difference between what is owed, and what the lender recovers, or you may face a tax liability arising from "forgiven debt" income.

For more information, contact HUD, or www.SPOCH.org.

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