Banks Are Forcing Homeowners to Keep Paying After Short Sales

[guest]

I heard recently from a reader who said the bank she had a mortgage with wanted her to continue to pay off part of the loan even after she sold her house for less than what she owed—a process known as a short sale.


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[danny0278]

I completely agree with your posts. Banks are forcing homeowners like this. As such if the loan is not completed then she will need to pay it off but if its sold to someone else then the bank should ask the new owner.

 

[jb100]

It is very strange to know that you can sell a mortgaged house without the prior approval of the Bank who financed it.If you sell it any way to a person it may not be with in the purview of Bank's agreement.So the Bank or financial institution who financed it would definitely approach you to repay the rest loan amount.There is nothing new in such demand.