Categories
Reach Us!
Why I’m Known as Doc Realtor
An emergency doctor named Colleen
Thought nurturing and helping people was really keen
This entry was posted in Uncategorized. Bookmark the permalink.
Got it! Thanks a lot again for hpeling me out!
In a short sale, you are asking your mortgage company to accept the proceeds of the sale as full settlement of your debt. This is better than a foreclosure, but is still a partial forgiveness of the debt. A less damaging option may be to convince the bank to allow the sale and give you a loan for the difference. Unless you can afford to keep the house, you are better of with one of these options.
I feel so much hapiper now I understand all this. Thanks!
Since listing change between a short sale and an REO it isn’t really practical to know what offers submitted at short sale were vs. when they sell as a bank owned but I know from the few times I’ve participated in the short sale and it fell through I saw the same house sell for substantially less when it went back to the bank. The reluctance by banks to accept short sales lies in many different areas, including mortgage insurance rules, write-offs, borrower’s ability to pay (even if they are not) and the sheer number of in-default loans they are dealing with. The best answer would be one given by one of the big banks but they refuse to explain these situations to us.
i like it
thanks for sharing such great article. i appreciate the post. keep posting more.
hi nice post, i have to comment to say your website is awesome, i’m glad i found your blog.
In a short sale, you are asking your mortgage company to accept the proceeds of the sale as full settlement of your debt. This is better than a foreclosure, but is still a partial forgiveness of the debt. A less damaging option may be to convince the bank to allow the sale and give you a loan for the difference. Unless you can afford to keep the house, you are better of with one of these options.
Thank you, very interesting post. Put a link to the post in my blog )