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Short Sales

Found 3 blog entries about Short Sales.

We are often asked how a short sale will affect an individual's credit as well as how long a person will have to wait before they are able to purchase another home. As we all know credit is used for more things than just getting loans. Bad credit can make it more expensive to rent or even rent at all and can also keep you from obtaining a job, especially in government service or the financial services industry where a security clearance is required.

Here are some facts about your credit recovery time and purchasing a home after short sale or foreclosure:

Fact #1: Post short sale or foreclosure, how quickly your credit score improves depends in part on how the problem is reported. In a short sale where the balance is forgiven and no deficiency is

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While it is not  a huge part of our market for homes here in our Tri-Cities, WA market, we do run into a significant number of homeowners that need to pursue a Short Sale.  Some people may be asking what is a Short Sale?  Basically it is when a homeowner needs to sell a house due to lack of job, medical emergency, financial difficulty etc. and the house is worth less than what is owed on the property.  You have to work with the bank to get an "approved short payoff" on the loan so the house can be sold.  In many cases this is a better option for the homeowner and the bank vs. foreclosure.  However, it can be a complicated process and decision where the advice of an accountant and attorney are also encouraged. 

One of the problems we have been seeing

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A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.

We have compiled a Top 10 List of Questions That Consumers Have About Short Sales...

Number 10
Q: I can’t make my house payments but I do have the ability to pay back all or part of the negative equity. Also, I want to preserve my credit score…is a short sale right for me?
A: Probably, not. In cases where you can pay back all or part of the negative equity (usually to the 2nd lien holder) it makes sense for you to work out a repayment plan. The lender will then release the lien and allow the home to close.

Number 9
Q: If I pay mortgage insurance and default on my loan, why wouldn’t that cover the deficiency amount?
A: The mortgage

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