Short Sale

Started by RogerB • 1 replies • 1243 views

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RogerB (Colorado)
Posts: 5,067

Posted:

There is a good brief article on the home page today on short sales: http://www.news-press.com/article/20110403/COLUMNISTS16/104030324/1014/business/Short-sale-defined-association-implications-outlined.

With 25% of all mortgages underwater short sales are a common occurance. We are currently involved in one where the balance owed to the HOA will be reduced in order to expedite a sale.

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Very few short sales ever get completed. Its around 20% are approved last time I heard.

Just saying.... don't waste too much HOA time on dealing with short sales. Its unlikely they will be approved and the place will get foreclosed on anyway.

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