Video-Homeowner sometimes will have Promissory Notes

Here is a video from a friend of mine Koby who negotiates short sales In Milwaukee WI.

A solid reminder to put request to waive deficiencies and possible promissory notes in the purchase and sales agreement as a a seller contingency.

My research indicates Fannie Mae and some mortgage insurance companies will demand promissory notes to be signed in closing by the seller to recoup some of their losses more in the near future. Preparing the home owners early of this potential is an absolute especially with non owner situations. They also may request a cash contribution at the closing table in addition. If the home owners are able to save enough they can provide enough of a cash contribution to get the promissory note waived and get a full lien release.

HELPFUL TIP: If the Home owners only have limited funds to bring to closing and sign the proposed promissory notes. These notes now become unsecured and can be reported to a bankruptcy attorney and be included in a future bankruptcy should they elect that choice after the short sale has been fully completed. They have their current financial picture in front of them and it may be a way of reducing other monthly debts.

JB Beyer

Coastal Mitigation Partners
503-770-0050

you can also follow me on twitter name: Coastalmit http://twitter.com/CoastalMit