Big Problem... Help! Sorry Long.
Here's the story. I surrendered two houses during my BK. I was able to sell one on a short sale recently. I have a buyer for my second home (my real estate agent) and wanted to sell it to her on a short sale as well. My mortgage company requires all kinds of paperwork (not like the other house) in order to approve the short sale. They want: Credit report, 2 years of tax returns, 3 months of bank statements, pay stubs... EVERYTHING. My husband says we shouldn't do this (basically sign our life away) because I bought the house on a STATED INCOME LOAN. I didn't have to provide a thing other than my signature when I bought the house. The mortgage guy wrote in a number, whatever I needed to make in order to be able to afford the house. I don't even know how much that was.
Now the mortgage company is threatening me, they said if I don't sell the house on a short sale and if I let it go into foreclosure, I will owe negative equity. They told me they got some kind of release to do this before my discharge. I called my lawyer and he said all they got was a release from automatic stay and that they can't make me pay anything because I got the house discharged in the bk. Who's telling the truth. They are very persistent about this, they told me to even call their lawyers. The whole reason I filed the BK was because of this house! And now they're telling me I have to pay $20,000 - $25,000?
I'm worried about the short sale paperwork, there are papers they want me to sign stating that if the sale is not approved I'm responsible for all of their expenses incurred. I'm also worried about fraud problems because of this Stated Income Loan.
Help...
Now the mortgage company is threatening me, they said if I don't sell the house on a short sale and if I let it go into foreclosure, I will owe negative equity. They told me they got some kind of release to do this before my discharge. I called my lawyer and he said all they got was a release from automatic stay and that they can't make me pay anything because I got the house discharged in the bk. Who's telling the truth. They are very persistent about this, they told me to even call their lawyers. The whole reason I filed the BK was because of this house! And now they're telling me I have to pay $20,000 - $25,000?
I'm worried about the short sale paperwork, there are papers they want me to sign stating that if the sale is not approved I'm responsible for all of their expenses incurred. I'm also worried about fraud problems because of this Stated Income Loan.
Help...
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