...bank more likely to? agree to doing a short sale than not.
For example if there's $35K still owed on a property and someone offered $30K it seems a bank would 'go for it' to avoid the cost of a foreclosure.
But what about a scenario where $35K is still owed on a property and the owner wants to get out via a deed-in lieu type transaction? (Original price in 1997 was $52K and the property owner has paid about $42K into the property but due to health reasons can no longer make the payments). Would they be likely to waive the debt if the property owner signed over the title without a court fight or not?
thx
For example if there's $35K still owed on a property and someone offered $30K it seems a bank would 'go for it' to avoid the cost of a foreclosure.
But what about a scenario where $35K is still owed on a property and the owner wants to get out via a deed-in lieu type transaction? (Original price in 1997 was $52K and the property owner has paid about $42K into the property but due to health reasons can no longer make the payments). Would they be likely to waive the debt if the property owner signed over the title without a court fight or not?
thx