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Foreclosure vs Short Sale, which is better with Select Portfolio?
I am interested in information on a "short sale" and also on foreclosure in regards to Bankruptcy. I have a company transfer and they are going to purchase the home based on a current market appraisal. However, that appraisal will probably be 100,000 dollars lower than the value. Once I get an offer from the company to "purchase" the home, then I only have SIXTY days to complete the sale. SPS is my primary lender for $320,000 and ASC is the second trust at $80,000. I have skipped the January payment to accelerate the process. I have the cash for the payment but want to give the mortgage companies incentive to accept my short sale offer. Can you offer advice on what I need to do to get SPS to accept my offer? Whether it be sending them certified letters stating same or other legal advice.
Related Entries
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- What is a Short Sale? - May 11, 2007