Short Sale vs. Foreclosure: Which is the Better Option? With many Americans facing the very real threat of foreclosure, many are looking for ways to avoid it. One option, and a topic that has garnered a lot of industry interest, is a real estate short sale. Short sales are becoming an increasingly popular, and common, […]
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 […]
We have been getting tons of emails and calls from local homeowners who need to sell their home but are finding out that they owe more than their home is currently worth and want to know what their options are. For owners who can’t afford to wait for the market to turn around, or those […]
Fifth Third Short Sales – Getting Started The first step to initiating a short sale with Fifth Third is to list the home with a Realtor who specializes in short sales and has significant experience with this lender. Your agent will be critical to the success of your transaction and while many agents have begun […]
The first step to initiating a short sale with Third Federal is to list the home with a Realtor who specializes in short sales and has significant experience with this lender. Your agent will be critical to the success of your transaction and while many agents have begun marketing themselves as short sale specialists, few of these […]
Bank of America’s Short Sale Relocation Assistance Program: Distressed Homeowner’s could receive $2,500 to $30,000 in relocation assistance Financially distressed homeowners want to avoid foreclosure… and The Opland Group and Bank of America want to help them! To this end Bank of America is excited to announce that for a limited time, they are offering […]
In terms of the back property taxes owed on a home that is sold through a short sale, the bank will typically cover this expense and seller’s should be free and clear of this liability going forward. In most states governmental property taxes convert into a lien on a property as soon as they are […]
Loan servicers / Lenders will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program (HAFA), aimed at distressed borrowers who don’t qualify for other government loan modification and foreclosure alternative programs. Once a sales […]
Should I stop making my mortgage payments? This is a question we are frequently asked by clients who are thinking about doing a short sale, and regrettably this is not a question we can directly answer as we can not advise you to breach your contractual agreement with your lender to pay back the money […]
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