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  1. #1
    paradise105pw is offline Member
    Join Date
    Dec 2005
    Posts
    51

    mortgage payoff questions

    mass.
    hello.

    can anyone give advise me on asking lender to accept less money on the payoff. they have sent out the forms. do they ever actually do this?
    any words of wisdom as to filling out form?

    thanks much
  2. #2
    HUD-1 is offline Member
    Join Date
    Feb 2002
    Location
    Constitution State
    Posts
    669
    I have seen lenders accept a short payoff when justified by the appraised value. For example, if the debt were 200k and the house was worth 185k, the lender has an incentive to accept a short payoff and avoid forecloseure costs. This of course assumes there are either no second mortgages, or they too are willing to accept a short payoff. I have seen it done with both refinances and sales...
  3. #3
    HomeGuru is offline Senior Member
    Join Date
    May 2000
    Location
    Catatonic State
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    81,916
    Yes, I agree. It really depends on the lender and the specific circumstances.
  4. #4
    paradise105pw is offline Member
    Join Date
    Dec 2005
    Posts
    51

    short sale

    mass.
    thanks for the reply.

    my septic systems (yes, two of them) failed. deducting for the repairs would leave me in the negative. does the lender care about that? can they take their money first and that's the end of it? the repair is not in the p&s because this was just discovered 5 days prior to passing. the buyers bank told him to make it a seperate agreement. now what do i do?

    next ?
    the buyers bank just told him they want to pass today, even though i, the seller do not have a payoff amount yet.
    they will record tomorrow. what is that? wouldn't that leave the house with 2 mortgages? plus i don't get funds until my lender is paid.
    Last edited by paradise105pw; 02-08-2006 at 03:26 PM.

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