A short sale house is a house facing foreclosure for which the lending bank has agreed to accept less than is owed on the current mortgage from an interested buyer. If you’re thinking of making an offer on a house in short sale status, don’t be fooled by the term “short sale.” While an interested buyer may think that the home sale will take place within a short time-frame because both the owner and lender want to sell the home before it enters foreclosure, the term “short sal

Short sales have their consequences, but allows more control over the process, allows me to stay in the home longer, and may be less emotionally and financially devastating than the alternatives. Many real agent agents accept short sales, but are all “short sale specialists” the same? The answer is a resounding “no!” Here is why, along with some questions to ask a short sale agent. Are you a licensed real estate agent and do you have experience in short sales? Short sales are

When you can’t pay your mortgage and you owe more than your home is worth, a short sale may be the best way to sell your home. You may not want to lose your home, and the bank may not want to lose the additional money through foreclosure. If you have the time, the short sale process puts you in a position to recover your life. How do you do a short sale The short sale process has a number of steps you must follow precisely. Since the process is time consuming, you must be pre

Most people these days know that foreclosure, short sale, or deed-in-lieu are the big three weapons that lenders use to prevent further loss. but there is a lot more in the lenders’ arsenal. Other remedies for troubled homeowners include: Modifying the length of the loan or the interest rate Waiving penalties and fees Deferring payments to the end of the loan and making it longer Applying past due amounts to the loan balance and slightly increasing each monthly payment Holdin

If you are in financial distress and fear you will lose your home, you may feel frustrated and hopeless. Some of the alternatives presented to you may seem pretty much the same: you will lose your home. You can do a short sale, let the bank foreclose, or file bankruptcy. Your choices may have the same import as waiters on the Titanic asking diners sitting in water to their waists if they preferred coffee or tea. Being in this situation is not what you anticipated when you scr

You’ve probably been hearing a lot about short sales in the past few months- chances are you know someone who’s been through the process. And if you’ve been hit as hard by the current recession as many have been and have a home you’re having trouble affording, you may be considering a short sale as a viable option. What’s a Short Sale? Let’s assume you understand the basics of the concept, and are familiar with the broad strokes: basically, a short sale is what occurs when a