Short Sales - Definition

By
Real Estate Agent with Mercado Realty Corp.

 

Definition of Short Sale:

•1.     To sell your home for less than what you owe = Short Sale.

•2.     Mortgage company doesn't place a *Foreclosure on your Credit.

•3.     No **Deficiency Lien Judgment on your Credit.

•4.     No ***Sherriff Sale.

*Foreclosure:

•·        Foreclosure - will be attached to your credit for up to 10 years.

•·        Foreclosure - will get you high interest rates for up to 10 years.

•·       Foreclosure - will not let you get another Mortgage for 7-10 years.

**Deficiency Lien Judgment:

•·        A Deficiency Lien Judgment is the difference between how much you owe and how much your home is sold for. 

•·        For Example:  If you owe the Mortgage Company $300,000 & your home is sold for $200,000.  Your Deficiency Lien Judgment would be $100,000 and remain on your credit until paid.

***Sherriff Sale:

•·       You lose your home to the Mortgage Company

•·       You get a Foreclosure on your credit.

•·       You get a Deficiency Lien Judgment on your credit.

Jim Griggs

Sales Consultant

Cell:  517-6981

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Rainmaker
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Margo Currie
Exit 1 Stop Realty - Saint Augustine Beach, FL

Thanks, Jim. I couldn't have even imagined this when I got into real estate four years ago.

Dec 07, 2010 08:00 AM #1
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Rainer
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Jim Griggs

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