If you are underwater with your mortage and your family is growing. What to do? Short Sale?
My husband and I are in a similar position, although children are not involved. We will be moving to Florida (from Ohio) so that he can pursue a career change. After discussions with realtors, we were advised that a short sale would be the best course of action. Most of the time, at least the particular realtor we decided to go with said, you can get a letter of indemnity from your mortgage bank stating that you are "forgiven" the deficit created by the short sale. This means that, although you won't be leaving the table with any money in your pocket, and you will have to pay a portion of the attorney fees ... in our case, just $250 ... your credit won't take a hit.
Short Sale if you have to but it will most likely effect your credit but no as severe as a foreclosure. Check out the link below for more information on short sales.
http://patriotregroup.wordpress.com/201 … hort-sale/
by Julie Grimes 7 years ago
What's a short sale, and how does it differ from a foreclosure?
by beachbumrealty 6 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.
by slimm528 6 years ago
While in the process of a short sale do you continue to pay HOA fees?
by ltonks 9 years ago
Where do I send a short sale package?
by LVHighRise 7 years ago
What do you think, is it easier to work with a short sale or a foreclosure?
by Bob2008 10 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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