Re: Escalating Foreclosure Fees/Payoff balance

Posted by NJD on October 30, 2007 at 05:49:02:

In Reply to: Escalating Foreclosure Fees/Payoff balance posted by Lily on October 29, 2007 at 14:30:49:

The payoff balance due and quoted by the lender did not include additional foreclosure fees. The written payoff quote should have alerted you to the likelihood additional fees would apply.

At this point, you'll have to request your lender to waive the fees it is lawfully due (short sale), pay the difference between the sale's proceeds and what you owe the lender from your won pocket, or ask the Purchasers to pay more (though you may be contractually obligated to honor the original sale price).

I wouldn't wait for your consultation next week. I'd pick up the phone and get a short sale application underway.

What is the home's fair market value? Could it be sold for more than $43,000?

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