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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Abstract payoffs... Posted by JK (the other JK) on November 15, 2008 at 10:42 AM In Reply to: Abstract payoffs... posted by M. Osterman on November 15, 2008 at 10:27 AM : Hey gang, : I couldn't find the specific answer in the archives...So I'll ask here. What happens when a property is sold such as a short sale, and there is an AOJ in place behind the 1st & 2nd? So there's not enough dough to cover the voluntary and involuntary liens? Would there need to be some stipulation between the parties as to insuring the title? Assuming that the creditor wouldn't budge on the abstract. This may be a question for my title exec. : Best, : Mike Osterman A Short Sale can only be completed on a property that is over encumbered when all liens take enough of a reduced payment to equal the sales price minus closing costs, commissions, taxes, etc.. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hey gang, : : I couldn't find the specific answer in the archives...So I'll ask here. What happens when a property is sold such as a short sale, and there is an AOJ in place behind the 1st & 2nd? So there's not enough dough to cover the voluntary and involuntary liens? Would there need to be some stipulation between the parties as to insuring the title? Assuming that the creditor wouldn't budge on the abstract. This may be a question for my title exec. : : Best, : : Mike Osterman : A Short Sale can only be completed on a property that is over encumbered when all liens take enough of a reduced payment to equal the sales price minus closing costs, commissions, taxes, etc.. [ 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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