My bank denied 2 s/s offers 10 mos ago. since then the prop lost another 30k in value.can i fight a deficient?The bank is simply unreachable despite numerous letters an settlement offers I proposed. Between the current market value, fees, interest we could have settled this for about 50k less than what we are losing today. How could I be liable for such a bad decision on the bank's part? | |
Actually it is your loss and not the bank's. If you bought the property for say $250,000 and it has lost $70,000 then that is your loss and you owe the bank what you borrowed. Home ownership is like any other investment it can go up in value or down.
you owe the full balance on loan unless you want to allow them to foreclose. They have no obligation to you to accept a short sale.
They may have denied short sale because they feel you will continue to make payments and eventually pay this loan off. I am guessing they believe you are willing to take the full loss and just keeping paying on this mortgage loan.
It is the bank's problem. You are probably going to default so they will have another house to sell at an even lower price.
