If you will be asked, will you consider a short sale?
I have this friend who is distressed because of his mortgage debts. His attorney told him to offer his property for less than its market value. Please help, I want to hear from you.
If he sales it that way he will have to wait 2 to 3 years to get market rates otherwise he can get a hard money loan. i had to do it after 30 yrs of excellent credit and it is 3 years now and still have 700-ish credit. B of A just said they will drop principal mortgage balance for borrowers who qualify. (basically) you must be paying on your mortgage but it has to be too much for you to pay like 60% of your income.
A short sale will help if they are facing foreclosure. Looking at a credit report, a short sale won't look as bad as a foreclosure.
Another option would be to modify the loan and possibly reduce the total money owed on the mortgage. But this will all depend on their current job and if they qualify.
Speak to a local realtor, which should have a good contact for someone to modify the loan or speak directly to the bank.
by Julie Grimes6 years ago
What's a short sale, and how does it differ from a foreclosure?
by slimm5285 years ago
While in the process of a short sale do you continue to pay HOA fees?
by mikeyperk6 years ago
If you are underwater with your mortage and your family is growing. What to do? Short Sale?
by LVHighRise6 years ago
What do you think, is it easier to work with a short sale or a foreclosure?
by Shepherd's Lamb13 months ago
I just want to discuss what's going on in my little head right now and hope to hear from those of you more educated on the subject.I qualified to buy a condo in 2004 (six years ago). I paid $6,000 cash for...
by ltonks8 years ago
Where do I send a short sale package?
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.