[blackdog]

The house next door to me has been on the market for three years. We offered to buy it at list price. The seller declined the offer because he owed $62,000 more than his listed selling price. We were shocked, as well as was his realtor being po'd. He had taken out a hugh mortgage (90%) and then took out home equity loans to buy cars in 2005 and 2006.

We offered his realtor a new offer under his recently approved "Short Sale" thru WF. We offered less than 50% 0f what his list price had been the month prior.

Our short sale offer was accepted by the mortgage holder bank. The seller still drives his 2 new model cars and the bank wrote off $90,000+ which is covered by the American taxpayer.

Wharton needs more Reggie Love graduates I suppose...............

[dennisw]

Your next door neighbor still might be pursued by the bank, the mortgage maker, for tens of thousands of dollars. Soon, he might not be laughing so loud

It all depends what kind of short sale deal was set up.

[jda]

The seller still drives his 2 new model cars and the bank wrote off $90,000+ which is covered by the American taxpayer.

It apeears that this is becoming a new entitlement.