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deficiency judgment: The Mortgage Crisis and Your Credit Part Four: A Short Sale May No Longer Be a Better Option than a Foreclosure: Here’s Why! - 06/22/09 11:12 AM
For years, credit experts, including me, have told people that a foreclosure is the worst possible option for homeowners who are upside down in their mortgage and is something to avoid at all costs.
One of the alternatives to foreclosure that homeowners have is a short sale, which is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship that is usually related to the current real estate market climate and the individual borrower's financial situation. The homeowner sells the mortgaged property for less than the outstanding balance of the loan, and turns over … (2 comments)
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deficiency judgment: The Mortgage Crisis and Your Credit Part Two: Foreclosure - 06/04/09 10:36 AM
Foreclosure, Deed in Lieu of Foreclosure, Short Sale, and Bankruptcy can all have long-lasting impact on an individual's ability to obtain credit. Homeowners need to get the facts before making critical decisions that will impact their lives for many years to come. In this series of seven blogs, I'll be examining each of these options in detail so you can get a better understanding of the myths and realities surrounding them and how they affect your credit.
Foreclosure
Foreclosure is the legal process by which a bank or other secured creditor either sells or repossesses a parcel of real property, home … (1 comments)
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