I’ve Completed a Short Sale… Now What? Do I Owe Anything Else?

August 30, 2011 No comments yet

Deficiency: If after the short sale there is a deficiency between what you owed on your loan and what the house was sold for you may be on the hook for that amount, unless there is a written agreement otherwise. In addition, if this amount is forgiven and it was larger than $600 you may […]

A Few Downfalls of Short Sales

August 30, 2011 No comments yet

1. Your credit score will drop. Since you must be at least 90 days late in your mortgage payments your score will drop around 140 points. 2. If your bank decides to it can choose to sue you for the difference from the short sale and what you owe. 3. The bank gets the final […]

Simply Put: Definitions of Loan Modifications and Short Sales

June 13, 2011 No comments yet

Loan Modification is a transaction between the homeowner and their lender that allows the homeowners’ monthly payments to be lowered. Lenders will sometimes allow a loan modification in a time of crisis or loss of income. Short Sale are when a home’s value is less than that of the mortgage amount and continues when a […]

Short Sales

April 29, 2011 No comments yet

Short sales are when a homeowner attempts to sell his or her home at a price that is less than the full amount owed to the bank. These sales generally occur as a last ditch effort to try and avoid a full foreclosure proceeding. Prior to the current economic crisis, banks tend to only approve […]

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