When buying a short sale, the first thing to understand is that it usually takes a while. The hardest part is getting an answer from the bank (hopefully your only dealing with one). This process can take months and it seems like the bank is in no hurry. This is where it seems most short sales fall apart as the buyer gets tired of waiting. The reason for the delay is for every short sale package being submitted a case of fraud has to be open by the bank. Once the offer finally gets accepted, it will usually take less than 30days.
If dealing with two different banks from a 1st and... Read More
A person I know has been trying to refinance his house for over 14 months. He needed a lower monthly payment in order not to lose his house. His bank was not cooperating with him so he contacted his senator. Once his senator’s office contacted the bank and identified themselves they were transferred to the president of the company. In efforts to shorten a longs story, the interest was reduced for to 4% for 5 years and the principle was reduced by $50,000. The most incredible part is this all happened in less than 2 weeks. Once again please understand, I cut a lot of things he did... Read More
A short sale is when the bank/lender agrees to discount a loan balance due to a economic of financial hardship on the part of the home owner. The home owner sells the property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Usually the bank is in the process of foreclosing on the property due to the current owner defaulting on their loan. Both the current owner and the bank that holds the note(mortgage are involved with the process of selling the home and signing the necessary documents and disclosures.Read More
By definition short sale means that the value of a home is less than the total loans on the property. In a short sale, the bank forgives the debt with a few qualifying factors. The sellers/homeowners of a short sale home do not pay commissions, closing fees or other associated costs, the bank approves the offer and then pays the costs associated. The process requires patience and you do have quite a bit of time to get the home sold. If you have missed a payment, the bank will file a Notice of Default typically once you are 3 months late on the mortgage. In that document, the bank sets a date... Read More
Carrie Teegardin, writing for the Atlanta Journal Constitution on 10/15/2007 in an article entitled "Foreclosures Hit Record High In Metro Atlanta", reveals that almost 7,000 properties in the metro area -- a record high -- are up for foreclosure in November, 2007.
Foreclosures in Atlanta are up 11 percent through October, 2007 compared to year-to-date figures from 2006. While many of the unfortunate delinquent debtors find some measure of relief in bankruptcy or reworking their loan terms where pliant lenders are trying to keep their own investors safe, there is another danger waiting... Read More
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