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.
good luck.
by Julie Grimes 12 years ago
What's a short sale, and how does it differ from a foreclosure?
by OLYHOOCH 13 years ago
This story came to me this evening. I thought you should read it. I’ve never been a “blogger” and tend to not do much writing at all because I’m dyslexic and the whole process of writing, spelling, and grammar causes my brain to want to explode. I’ve decided to write this blog because I’m so...
by LVHighRise 13 years ago
What do you think, is it easier to work with a short sale or a foreclosure?
by mikeyperk 12 years ago
If you are underwater with your mortage and your family is growing. What to do? Short Sale?
by GL Bell 14 years ago
Just saw this on morning news...If this is true than we have seen nothing yet...
by Bob2008 15 years ago
I am in a situation where I will need to go for forclosure or short sale.What bank can do to you if you foreclose? Can the go after your savings and 401K?How expansive the short sale can be? do you need to keep making your mortgage payments?Your help is gteatly appreciated.Thanks.Bob
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