Re: Need advice
Posted by Rick on November 20, 2008 at 20:51:13:
In Reply to: Need advice posted by Mitch on November 19, 2008 at 20:54:56:
Sir – are you loosing 170k, or are holding onto a 386k alligator that may be eating you alive? If you feel the market will soon, before you run out of money, bounce back to the original (sorry to say) inflated value, then hold onto it and go for the gusto. However, if you have a REAL buyer at $310k and the lender accepts, that in fact would be considered a short sale, selling short of payoff. If you sell your property, be careful that the lender does not require you to sign a promissory note for the 76k difference, or whatever it may be, as some lenders are trying to push this through. Just make sure there is no recourse, paid in full and in complete satisfaction. Hope this helps – good luck.
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