Thursday, May 1, 2008

Short Sale snag

Well, it looks like my second mortgage holder, GMAC, is holding up my short sale. They had verbally agreed about a month and a half ago to accept $5K from the 1st lender to settle our account and now they've sent a formal letter stating that they'll accept $14K. This mixup might cost me the sale of our house. It has been almost 60 days now since my buyer made their offer and their interest rate lock expired yesterday.

The buyer is now mad that they have to pay additional money to extend their rate lock. And, we have to wait for GMAC to hear back from the investor (mortgage backed security) who holds my 2nd on whether they will accept $5K as a settlement for the loan.

So I may lose a buyer and I might have to relist my house again. We have come so close to getting out of these two mortgage payments without going into foreclosure or bankruptcy. Now we are in a wait and see mode again.

I'll keep you posted on what happens. Hopefully I'll have good news soon.

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