Legal Question in Real Estate Law in California

Short Sale - Money in Bank

My husband and I own a condo in CA that was purchased in 6/06. We are current with the mortgage, but the area has gone downhill and we want to move for safety factors. We are looking at a possible short sale since prop values have gone down. We have 10K in the bank. Can the bank require that we give them that money as a condition of short sale approval? Can they ask for our money that are in retirement accounts?


Asked on 3/23/08, 12:29 am

1 Answer from Attorneys
Mitchell Roth MW Roth, Professional Law Corporation

Re: Short Sale - Money in Bank

A short sale is purely voluntary. The bank can make anything they want a condition to their consent. Check out www.U1stForeclosureRelief.com. They are a client of mine and their program may offer some help. Call me after you look at it if you want.

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Answered on 3/23/08, 1:04 am


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