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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Short sale is not a judgment, deed-in-lieu, or a foreclosure! Posted by Ward-CA- on May 18, 2002 at 8:57 PM In Reply to: Short Sale posted by Lilly - CA on May 18, 2002 at 8:25 AM : 9 years ago, my home value dropped 40% in 6 months due to a military base closing near my home (it was supporting the community). My business was drastically affected & I was forced to close down and move out of the community. The bank agreed to a short sale. After 9 years, I have finally recovered and am in the financial position to buy a home. My credit is excellent, I have no debt and can even put 25% down if necessary. Question: On a bank loan application, I am asked if I was ever obligated on any loan which resulted in foreclosure,, transfer of title in lieu of foreclosure or judgment. I'm assuming this would include a short sale. When I disclose it, will it affect my getting a loan? And if I do not disclose it, will I really be liable for criminal penalty? I have never filed for bankruptcy and have never had any other judgements against me. Thanks! =•=•=•=•=•=•=•=•=•=•=•= Answer: Your initial assumption is incorrect. A short sale is not understood to be nor ever described in terms of a judgment, a deed-in-lieu or a foreclosure. So if you’re just asked to own up to any of those three items then you’re not required to disclose something distinctly different—a short sale incident. If you do not disclose a short sale incident that occurred 9 years ago, that you’re not obliged to do so whatsoever, then you’re not liable for any criminal wrongdoing. So, good luck to you on your new home. Follow Ups: Short sale receovery for a home equity line of credit Davenport 1:56 PM, 10/05/09 (1) Re: Short sale receovery for a home equity line of credit Lisa Elaine 6:10 AM, 01/04/10 (0) Re: Short sale is not a judgment, deed-in-lieu, or a foreclosure! tiffany 9:02 PM, 01/23/07 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : 9 years ago, my home value dropped 40% in 6 months due to a military base closing near my home (it was supporting the community). My business was drastically affected & I was forced to close down and move out of the community. The bank agreed to a short sale. After 9 years, I have finally recovered and am in the financial position to buy a home. My credit is excellent, I have no debt and can even put 25% down if necessary. Question: On a bank loan application, I am asked if I was ever obligated on any loan which resulted in foreclosure,, transfer of title in lieu of foreclosure or judgment. I'm assuming this would include a short sale. When I disclose it, will it affect my getting a loan? And if I do not disclose it, will I really be liable for criminal penalty? I have never filed for bankruptcy and have never had any other judgements against me. Thanks! : =•=•=•=•=•=•=•=•=•=•=•= : : Answer: Your initial assumption is incorrect. A short sale is not understood to be nor ever described in terms of a judgment, a deed-in-lieu or a foreclosure. So if you’re just asked to own up to any of those three items then you’re not required to disclose something distinctly different—a short sale incident. : If you do not disclose a short sale incident that occurred 9 years ago, that you’re not obliged to do so whatsoever, then you’re not liable for any criminal wrongdoing. : So, good luck to you on your new home. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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