Most times this is happening while out of a sale the current market value of their property is less than what is owned on it.
Once the seller receives an acceptable offer from a ready, willing and able buyer, negations and concessions must be made so that the lender will accept a sale at a current market value as payment in full for a loan.
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This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
The views expressed here are Annett T. Block’s personal views and do not reflect the views of Florida Connects Incorporated.