Short Sale Rocklin – What if my lender demands a promissory note or they will not approve the short sale?
By Mark Peek, Peek Real Estate Group - Roseville CA Real Estate
(Roseville Rocklin Real Estate - Keller Williams)
Short Sale Rocklin – Here is a topic that many Short Sale Agents fail to discuss with their clients. What if my lender demands a promissory note or they will not approve the short sale? Promissory note demands are coming from Banks that service your loan, Mortgage Insurance, and Investors looking to mitigate their loss. In many cases, with enough documentation and hard-nosed negotiations, promissory notes can be waived from the Short Sale Approval Process. However, there are some cases where a promissory note is unavoidable. A promissory note is not the end of the world. It will take a lot of work on their end to collect from you. If the lender forces you to sign a promissory note, then you may consider signing it and just don't make a payment. You may be able to re-negotiate the pro...