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08-06-2008, 08:49 AM
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a short sale is when you haven't owned for more than X amount of years and sell,(use to be for a profit) you get hit with a hefty tax, so in other words the owners most likley are about to go into default and would rather take a marginal loss rather than lose everything including there credit( my how things change)
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08-06-2008, 09:25 AM
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A short sale could be used in either - meaning an agreement from a buyer to the owner has been offered for less than the actual balance that is owed to the mortgage company. Sellers/owners often opt for a short sale if they know the value of their home is less than is owed and/or they can no longer make payments on the home. The owner and the real estate agent negotiate with the mortgage to reduce the balance so that the (short) sale can be completed. It is is the best interest of the mortgage company to try to negotiate so that don't get yet another foreclosed home on their hands but then again they don't want to short change themselves either. It can be a difficult process ... sometimes the mortgage company is reluctant or slow to negotiate therefore causing the home to be foreclosed on..
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08-06-2008, 10:17 AM
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DONT DO THE SHORT SALE! My bank was trying to get me to do that but I was in foreclosure. Its funny how u get no help from your own freakin mortgage company!
My bank HomEq was trying to get me to do the same thing but, I want to keep my house, I've been here to long. So I'm dealing with a friend of a frienthat'sts helping me lower my rate and get me into a fixed mortgage without remortgaging. Maybe he might be able to help you like he's helping me.. his name is wayne and he's such a sweetheart 516-506-4119. Good Luck! ~Kat~ |
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