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How to define the short sale please help.?
I have house buy house in 2005 to 220 k. but the value has declined know k 170. Now I have for this house any payment to pay even what is vacant last Monts 2 which is the best way to prevent the sale forclousre or short?
A short sale is sometimes called a sale commitment. A mortgage company may agree to go along with this if they see it is in their best interest. When a house is closed and sold in execution a mortgage is often a shortage. The bank charges not enough to cancel the loan and any late fees and attorneys' fees incurred in the process of foreclosure. Many mortgages allow the lender to continue to stay on that amount is not recovered in the foreclosure sale. If the bank undertakes to a short sale then they are allowing the lien to be released so that the house be sold for the amount of the market. This saves a tremendous amount legal fees and expenses for the bank and possibly for you. (The bank will usually agree to forgive any shortfall in short selling and, possibly, not informed that the money forgiven to the IRS as "phantom income"). Any of these is a complicated process that comes at a time and stressful life. List your home with a real estate agent who is knowledgeable about this process will help, but will still be stressful. I wish you the best of luck.
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