Short sale help

Short sale help

I have the opportunity to work with someone on a short sale. Here is the situation, tell if you think I can help in any way...

A friend's sister has just gone through a divorce from an abusive husband. He was put in jail for battery and she filed for divorce and finalized the papers. She has two homes, the one she owned with her ex-husband and her new home. The house is in foreclosure, 6 months behind at 1,800 a month. She owes 232,000 on the house and she had it listed at 240,000. I am not sure if it is worth that much or not, but lets pretend it is. She wants desperately to sell the home and move on. She is willing to sell any way she can. Subject-to, taking back a note, short sale, ANYTHING to stop the foreclosure and the impending bankruptcy.

So what can I do to help. This is a really good friend and I want to help. I don't care about making a profit, I just want to get her out.

I am on the road right now so I can't research until I get home tomorrow. If someone could give me a general idea of an action plan I would appreciate it.


That bad huh. Or should I

That bad huh. Or should I read the faq?

Hi Travis...

Which home is she selling? The new one, or the old? Does she have equity in the other house? Does she own it jointly with her X? Renting it? Maybe she could get the equity out to bring her payments current on the new house? Guess we need more information here. In the meantime...

Find out what it's worth, if she owes more than what the house is worth, it's a short. You'll need a short sale packet from her bank. There is a lot of things you will need to do, go to the forums and read about the short sales, tons of information to help you out. It would take forever to write the details here Smiling

btw, welcome to the DG Family! Hopefully others will jump in here to help you out... Eye-wink



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It all depends on the condition, equity and location. She might be able to sell it faster if she offers a seller financing. People don't want to go through banks nowadays. Also, if she wants to short-sale it, the bank has to accept the final price.
There are alot of ingredients here that need to fall into places.

P.S. Where is the property?