What's The Skinny On Short Sales?

[ABM]

I visited my lawyer yesterday (divorce-related) and one of the things he suggested I do is sell our two (upside-down) homes in GA on a short sale basis.

He told me that many banks are now looking at short-sale propositions as "good faith efforts" on the seller's parts, are very often willing to "eat" the losses, and chances are the credit score won't get dinged (as opposed to going foreclosure).

I'm still looking into this, but was curious as to if any of you guys have had experience/recommendations in these matters?

Thanks in advance!

ABM

 

[SlyPokerDog]

[video=youtube;A_sY2rjxq6M]

 

[SlyPokerDog]

Did he say why he was recommending that?

I thought one of them you were sitting pretty good in.

What does your wife want to do with them?

You should email me and tell me what the plan is for Monday.

Just curious, how are you two splitting up the cars and what kind of car does she have?

 

[ABM]

Did he say why he was recommending that? Mainly because we're upside-down in both of them. I just did a market analysis and was quite shocked as to how low the values are on each of them. We need to move quickly and it's either lose a lot of the IRA or go the quick-sale route. (or foreclosure.)

I thought one of them you were sitting pretty good in. The latest numbers don't reflect that. I don't want to be stuck with an albatross.

What does your wife want to do with them? She wants nothing to do with any of the properties.

You should email me and tell me what the plan is for Monday. MB has yet to get back to me. I'm thinking, due to the Luke stuff, they'll want to postpone it a week or so.

Just curious, how are you two splitting up the cars and what kind of car does she have? She's getting the best of all that. I'm hopeful to recover some of those shortcoming via the IRA split.

...

 

[Denny Crane]

http://en.wikipedia.org/wiki/Short_sale_(real_estate)

 

[SlyPokerDog]

You should try and sell those two kids you are holding in your avatar. Take the money and move to Mexico.

 

[SlyPokerDog]

What about bankruptcy?

 

[ABM]

What about bankruptcy?

Still an option.

 

[SlyPokerDog]

Still an option.

have you looked into one of those federal programs that will reduce your mortgage payments? They might be owner occupied only so you might not qualify.

 

[ABM]

have you looked into one of those federal programs that will reduce your mortgage payments? They might be owner occupied only so you might not qualify.

It's a thought. Something else I know nothing about is a deed in lieu of foreclosure. Not sure of the advantages there.

 

[barfo]

I just want to say that fire is your friend.

barfo

 

[ABM]

I just want to say that fire is your friend.

barfo

My secretary at work mentioned something about a 38 special.

 

[barfo]

My secretary at work mentioned something about a 38 special.

No! Don't do it ABM! Think of the grandkids!

barfo

 

[SlyPokerDog]

My secretary at work mentioned something about a 38 special.

Great idea! You're wife will agree to anything just to get you to stop playing that crap.

[video=youtube;vJtf7R_oVaw]

 

[BLAZER PROPHET]

ABM, aren't you glad to have such wonderful pals here on the board to help?

 

[SlyPokerDog]

ABM, aren't you glad to have such wonderful pals here on the board to help?

It's got to be better than your advice for him to marry a fat rich chick.

Wait, this is ABM we're talking about.

 

[BLAZER PROPHET]

It's got to be better than your advice for him to marry a fat rich chick.

Wait, this is ABM we're talking about.

Sure he can. Then, he'll use some of your Christmas list toys on her to get his jollies.

 

[SlyPokerDog]

Sure he can. Then, he'll use some of your Christmas list toys on her to get his jollies.

Except for the lap dance right?

 

[BLAZER PROPHET]

Except for the lap dance right?

You must not know ABM very well.