If you are current on your mortgage, you can still qualify for a short sale if you: are relocating more than 50 miles away (including military), going through divorce, have a permanent disability or other illness, or if the borrower or co-borrower has passed away. If you are 90 days or more late: and your credit score is 620 or less, you automatically qualify regardless of existence of hardship. Second Lien Payoffs: are standardized at $6000.00 and if there is a second lien where Freddie or Fannie is the first trust, there … (0 comments)
short sale: Buying a Short Sale
- 05/11/08 07:21 AM
Short sales. Before I entered the real estate industry, selling short meant selling a security that you didn't own and repurchasing it later at a lower price. But the phrase as it is most commonly used now refers to what happens when the lender discounts the payoff it is owed on a home. In other words, the home is sold for less than is owed, and the lender is willing to accept less than the payoff. According to Metropolitan Regional Information Systems, Inc., only 1 in 8 "short sale" listings that gets a contract actually goes to settlement. Why is this? … (0 comments)
These are the New Short Sale Rules, effective November 1st, 2012:
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