If you will be asked, will you consider a short sale?

  1. beachbumrealty profile image40
    beachbumrealtyposted 5 years ago

    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.

  2. SoManyPaths profile image59
    SoManyPathsposted 5 years ago

    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.

  3. TomRy profile image72
    TomRyposted 5 years ago

    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.