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kicking_cans
Joined: 25 Apr 2009
Posts: 6
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 Posted: Sun May 03, 2009 2:48 am GMT Post subject: Short Sale Law? |
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Can you sell your Massachusetts home for less than you owe on it without facing foreclosure?
What if you have 2 mortgages, offered by different companies. Do both companies have to agree before the sale? |
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balor123
Joined: 08 Mar 2008
Posts: 1204
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| Posted: Sun May 03, 2009 3:00 am GMT Post subject: |
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| I think you can sell it for whatever you want as long as you pay back the original lender. If you aren't planning on paying them back in full, then I imagine you'll need their permission. |
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JCK
Joined: 15 Feb 2007
Posts: 559
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| Posted: Sun May 03, 2009 3:07 pm GMT Post subject: |
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| If you're selling for less than the mortgage value (and not bringing sufficient cash to the table to cover the difference b/w sale price and mortgage balance), the lender has to approve the short sale, because the lender is taking the loss. |
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