Our real estate company represented a seller in a potential short sale. This clients home was worth significantly less than she owed to her lenders. She had a verifiable loss of income due the economy and no capacity to make up the difference in what we could sell the home and how much she owed. The classic tests for a short fall.in this particular case CLC was the junior lien holder. Within 45 days of accepting an offer we had approval from the senior lender. Five months later with two buyers walking we finally received a counter offer from CLC demanding a payment of 30 percent of their loan balance ($37,000) and assurances the seller would acknowledge she owed the remaining balance.
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