us bank: US Bank denies Short Sale - Wants Homeowner's IRA - 01/14/09 10:50 AM
I have been dealing with US Bank in Portland on a Short Sale.  This was a small builder (only a couple homes).  He does not have deep pockets. 
He is in his 50's.  He has taken out a second on his personal residence (which puts him upside down in this property also) to pay this loan for over a 2 years.  The value has dropped to about half what it cost him to build.  Loan is approximately $400K and value is about $220K. 
We submitted short sale package and they denied it because he won't release his IRA (Value $37K) to them.  … (3 comments)

 
Shirley Walker, ABR, CRS, GRI (RE/MAX Capital City)

Shirley Walker

ABR, CRS, GRI

Boise, ID

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RE/MAX Capital City

Office: (208) 830-9208

Mobile: (208) 830-9208

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