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short sale: 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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short sale: Hardship? Deal With It!- This One Takes The Cake - 05/23/09 03:46 PM
"Is it better to file for bankruptcy or to be foreclosed?" "What is a short sale and how can it affect my credit?" "What about a Deed In Lieu of Foreclosure? Or a Loan Modification? "What should I do?" Every day, these questions are asked of me by frightened homeowners who are quickly trying to respond to the financial chaos that continues to arise from the sub prime mortgage fiasco which has touched millions of American homeowners.
Like no other financial crisis this country has seen since the Great Depression, the home lending fiasco has turned the American Dream into the American … (0 comments)
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