For homeowners who have been unsuccessful in negotiating a loan modification, there generally remains two other options – a short sale or foreclosure. While a foreclosure involves the bank taking possession of the mortgaged property back through a legal process by which the owner forfeits all rights to the property leaving the mortgagor (aka the […]
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 […]
Across the country home values have fallen 33% since their peak in 2006. In light of such it’s no surprise that many Americans today have a short sale in their credit histories. With many wanting to become homeowners again, a question we commonly receive is when can I buy a house after a short sale? First and […]
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