Search for your question
Featured
Understanding the Process
Search for your question
Programs exist to provide some relocation assistance. Some lenders will provide money for relocation.
The short sale process is complicated and time-consuming, however it typically takes 3-4 months, start to finish.
A short sale is less harmful to your credit than a foreclosure. Your ability to buy another home depends upon several factors, including your credit.
No, there is no guarantee that this will work. Once you fall behind on your loan, the lender can proceed to foreclosure if they choose to.
A short sale costs the seller nothing – the lender pays all commissions, escrow/title fees, and closing costs.
"Financial Hardship" is a critical part of the short sale equation. No matter what you hear about banks "not in the business of owning real estate", etc., they DO NOT give homeowners a break easily.
First and foremost, it relieves the stress of being in foreclosure and being hounded by your mortgage lender; and it allows you to get rid of your big mortgage payment and move on with your life.
The foreclosure process can be very lengthy and costly for the bank. It can also be very frustrating and emotionally draining for the Seller.
Mortgage lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage.
A short sale is a very complicated real estate transaction and one that has very important implications for you.