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short sales: Qualifying for a mortgage after a short sale - 09/15/09 01:46 PM
Many Thousands of Americans have had to sell their house through a short sale in the past few years. Who would have guessed a few years back that prices would plummet like they did? Here in Brevard County, home prices in some areas have been more than cut in half.
If you had to sell your house short, more than likely the credit report will show a mortgage settled for less than owed. If you go to apply for a mortgage, there are new rules surrounding this type of derogatory credit. The new rules for Fannie Mae says that it must … (2 comments)
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short sales: Brevard County Foreclosure Myth's - 08/01/09 02:15 PM
According to the Brevard County MLS, 30% of the single family residence sales, year to date, are marked as bank owned properties. I am not sure of the exact amount that are short sales, however, these are also dominating the market. While we may be reaching the bottom of the market, these transactions are not going away anytime soon.
With the continual arrival of new foreclosed properties in the market place, I thought it would important to review and dispel some myths about bank owned properties from my personal experience. This information comes purely from personally experience, and has not … (2 comments)
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short sales: What is a short sale? - 08/01/09 02:07 PM
Simply put: a short sale is when the seller of a property owes more on the property than they are selling it for. So if the sellers owe $200,000 on a house, and they are selling it for $150,000, then they are asking the lien holder to take the loss for the difference or the short.
Short sales are very common in this market environment due to decreased valued. Short sales typically take longer than regular transaction because the bank has to approve of the sale. The approval process may be lengthy because the bank may only service the loan, and … (1 comments)
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Joe Harris
Melbourne,
FL
More about me…
Morgan Financial
Address: 2720 N Harbor Blvd, Melbourne, Fl, 32935
Office Phone: (321) 757-3570 x 201
Email Me
As a Brevard County Mortgage Expert, Joe writes on all things related to the mortage industry and other related events for Brevard County, Fl.
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