Re: Question about foreclosure
Posted by steele in minnesota on February 17, 2007 at 20:46:59:
In Reply to: Re: Question about foreclosure
Posted by Matt on February 17, 2007 at 18:34:46:
In order for a short sale to be approved most lenders have a strict set of standards. That the loan be late (typically at least 2-3 payments), that the owner show hardship, and that there is a legit offer on the table from a new buyer that has been accepted by the owner subject to lender approval. It is then the lenders option to accept less than what is owed. To go "short" on the loan. While they don't have to agree with a particular offer, they can counter and negotiate what they will accept.
Now not all lenders will consider short sales, but today more and more will seriously look at them.
Can it be done while you are out of the country? With today's communications (fax, email and internet) you don't have to be present to do much of this. And with power of attorney, you don't have to be there at all.
Any specifics you can share with us?
Steele V. Propp
Foreclosure Specialist
Schatz Group GMAC
Minneapolis, Mn
steelep@aol.com
www.MinnesotaForeclosureNetwork.com
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- Re: Question about foreclosure - Matt 21:48:11 02/17/07
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