What Does It All Mean?
Criteria 1:
Market Pricing Must Be Less Than the Amount Owed on the Loan
Market value is the driving factor for pricing. The market value of the Atlanta home must be less than the loan amount. If the market value is more than the loan amount, but this amount is less than the owner paid for the home, the home will still need to be listed and sold on the market to pay off the mortgage. It doesn’t matter what the owner paid for the house, it is how much the house is worth in the current market. The lender wants to recoup their money and if they can get the balance of the loan with a sale, they want to do that.
