Buyout Foreclosure
What happens after a short sale falls through? I live in California & the 1st & 2nd lenders did not agree.?
I had a buyer whose offer was accepted by the first lender. The 2nd lender rejected the $5,000 buyout from the 1st lender, they wanted $20,000. I owe $150,000 to the 2nd lender. I assume I’m going into foreclosure and then file bankruptcy because I don’t have the money to pay back what I owe on the house which is $450,000. I can’t afford to keep the house, it’s an old house, requires maintenance and I’m a single working mom. Thank you.
You assume correctly. Unless both lien holders agree to release their liens for less than they are owed, you will end up in foreclosure. The offer from the first lender to the second was ludicrous. They expected them to accept $5,000 when they are owed $150,000 ?
Your primary lender is not being cooperative, in the least. Greed would be closer.
Trib revives buyout, foreclosure drop, NAWBO, Carleton lawsuits – Crain’s Chicago Business
