[quote=ucodegen]Cant use the having ‘no equity’ as a reason. Who values it as having no equity? If the ‘homeowner’ is current on the loan, the loan is in arrears and revealing home sale info potentially reveals a persons credit state. The real qualification should be that if the ‘homeowner’ wants to do a short sale, the bank has to be ‘at the table’. This is because the ‘homeowner’ is asking the bank to take a loss on a secured loan. The real problem is that the lenders are not handling it well. They have the ability to force the short sale to go the way they want. The lenders can require the ability to discuss the property with potential bidders outside of the ‘sort sellers broker’, otherwise all short sale offers brought to them will be refused (Just make it a matter of the lenders policy on short sales).[/quote]
Yes, you are correct. I was referring to situations where the lender would take a loss. If the “owner” wants to bring money to the table to pay off the loan in full, they should certainly have control over the transaction.
