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This is a good thing. Nobody wants to have to go through this, but if the homeowner is not going to be able to make it, this is a great choice. When you sell your home as a short sale it seems your credit will be damaged approximately 60-200 points, especially if you were delinquent on your mortgage [...] Many who are just walking away await a surprise down the road as lenders turn around and sue for the deficiency. This can happen in foreclosure or short sale. It is imperative that if you are having problems paying your mortgage that you communicate with the bank ( or have your realtor or attorney) communicate with [...] If you cannot make your mortgage payments, then you are probably in enough of a hardship for the lender to approve a short sale. A short sale is a very positive solution to a tough situation. Typically, the bank agrees to let you sell the home at market value and absorbs the loss. I’ve been working these very [...] The short sale process which has been taking 120 to 180 days will take 75 to 120 days this year. The main reason is the banks now have personnel and systems in place. Bank of america, for instance, allows agents to input their short sale packages directly into a computer based system. There will still be plenty [...] |
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