This is the case study of Jim and the many others like him…short sale victims who don’t know they are short and who can’t be counted in the statistics. Based on true facts.
Quite a few years ago, before the big run up in home prices, Jim bought a home in Jupiter Farms.
It is a modest home and he paid a reasonable price for it. But, like others, when home prices went up he decided to refinance and buy a Porsche. Everything was still OK.
Several years went by and Jim met a woman. They decided to marry. Once married, they moved into her house and so Jim decided to sell. To his surprise, he found he was now facing a short sale. That is, a deficiency in the amount he owed vs. what his home might bring on the market.
I’ve been calling this the skeleton in the closet. People like Jim can’t be counted in troubled loans simply because they aren’t in trouble…yet. All that is takes is a change in their circumstances to push them into the troubled loan arena. He did nothing wrong, and the point is not Jim. It’s that there are so many silent victims out there that can’t be counted.
Jim may still sell. If the lender agrees to the shortfall from the sale, he may walk away with a promissory note for the deficiency. And a Porsche.
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