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Updated over 11 years ago,
What to do? Seller owes more than what house is worth...
The house value is around $50k.
The amount of repairs are around $20-25k.
He owes $30k, but is up to date on the payments.
He recently bought a new house and will have to pick up both monthly payments by September.
Is this considered a short sale scenario?
Can I offer less than what they owe and have a lender transfer the remaining owed into a new loan?