Article Score0

i own a home in new york with my wife as well as a home in florida which is only under my name. Things changed and i cant really afford my house in florida so i am trying to put it for short sale. Would that effect the name or something of the house in new york anyway?

1 Thought on can you short sale a house if you own property in a different state?
  1. Reply
    Big daddy
    August 29, 2011 at 1:40 am

    No, it should not. You will have a few hurdles in this situation. One, the property is not your primary residence. Hopefully the mortgage against the property is a bank owned or private investor owned lien as if it’s owned by a bigger investor (Fannie or Freddie), 2nd home short sales are tougher to get through. Next, I pray you don’t have either a home equity or mortgage insurance on the property in florida as if you do, you will most likely have an issue due to deficiency rights both the lenders and the mi company have in those states. If you get approved, make sure you read your approval letter, don’t take some realtors word for it, make sure the approval letter states any deficiency rights are waived. Good luck

    Leave a Reply to Big daddy Cancel reply

    Register New Account
    Reset Password