A friend has a house to sell. This person bought this home while married and is now divorced. It is a short sell (on the market for less than what is owed to the bank/lien holder). A sensible offer has been submitted by a qualified buyer and my friend has accepted. The lien holder reviewed the offer and has also accepted this 'short sell'. Now the other / "ex" must also accept for this offer to close. This "ex" refuses to sign off (possibly out of spite due to the unfortunate side of a divorce and issues around a marriage that has ended). This sale is now dead and the house will go into foreclosure affecting BOTH sellers credit (I wonder if the "ex" not willing to sign off realizes this?????).
The one who wanted to see the home sold via a "short sell" should consider this since it will likely go into foreclosure; write a brief summary of 'why' it went into foreclosure and send to the 3 major credit reporting agencies. This note to the credit reporting agencies won't keep the credit score from being damaged but will explain to future 'credit pulls' what the foreclosure was all about.
Saturday, January 14, 2012
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