Short Sale??

[Bobacus]

Currently in Chapter 13 (24 months remaining) and I have a investment property. I had to evict tenants and now cannot make up the missed payments. GMAC is pushing for a short sale on the property. Would it be better to just let the home go or try to short sale the home. Appx. value $56,000 mortgage balance $71,000.

Thanks in advance for the help!

[tobee43]

are you saying GMAC is approving a short sale????

i have never seen even one go through...maybe the banks are beginning to move on them...but usually an offer needs to be made unless they are "bank" approved short sales...and still, i have never seen not a single one go thru....but maybe the bank will work with you on this?

[Bobacus]

Yes, GMAC as agreed to a short sale. Is it "worth the trouble"?

[tobee43]

Yes, GMAC as agreed to a short sale. Is it "worth the trouble"?

well, from what i understand north carolina is a is walk-away/no deficiency state....which means the bank cannot go after you for the different if the property sells for less than you owe...i personally would go for it...

however, that being said...i would NEVER go...even tho n/c is a no deficiency state or proceed with any transfer of deed unless i got a general release of all financial liability....only because personally, i'm paranoid...and want all basis covered...

i'm certain if anyone knows more about this situation in n/c please chime in.