A short sale in real estate occurs when the outstanding obligations (including all loans, lines of credit, etc.) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid bankruptcy or foreclosure proceeding by convincing the bank to accept a discounted payoff, meaning the […]
We’re often asked the question, “Can I pursue a short sale during my bankruptcy”. Lenders can review a short sale offer while the loan is in active bankruptcy. However, to complete a short sale and issue an approval letter, the bankruptcy documents must be filed and approved by the court. Any final agreement will require bankruptcy […]
Bank of America Short Sales Bank of America was the first to introduce a new automated system called Equator that it is currently using to process all of it’s short sales of conventional loans (that is all of it’s non-FHA and VA loans) as well as former Countrywide loans which it acquired when it purchased the company. Equator […]
Wells Fargo Short Sales Out of all of the major banks, Wells Fargo is one of the most efficient when it comes to short sales and the processing and handling of these sales. Wells Fargo is also one of the only banks that actually provides a written short sale time line and on average they are […]
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