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To Short Sale or Not...Just Let Go
Looking at the current housing market and the plight of so many people everywhere, many people and institutions have serious, potentially life-altering decisions they either have to make, or could be faced with soon enough. What I’m talking about is the possibility of people who have to sell and are upside down in their mortgages. Do you continue to struggle to make payments on a mortgage that you can no longer afford? Do you let the house simply go into foreclosure so that the house goes back to the bank? How about a Short-Sale, where the home gets sold for less than what is owed on it and the bank (usually the 1st lien holder) writes off the difference and the second lien-holder gets minimal compensation (usually one or two thousand)? This strategy is becoming more talked about, though it can take several months for a deal to close after the highest offer. Many are realizing that unless you have skipped several payments, the banks won’t talk to you. This can really affect your credit for years. But like most of us, you don’t want to ruin your credit.
Some states have seen many people simply walk away from their ... more
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