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its can be good and also it can be bad.
Good: you get rid of the house, it will hurt your credit for few year, you get start fresh again.
Bad:
1. it depend on the lender and your agreement with the bank that no deficiency judgement if the bank accept short sale. so there could be deficiency judgment.
2. there will be 1099-C mail to you. You may have to pay tax on it as ordinary income. for example: loan amount is $100,000. the bank approve the short sale for $70,000. then they will mail you 1099-C, then you have liable for the amount.
But there is a better solution for that at www.wesavehouse.com
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∙ 11y ago
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What happens to your credit on a short sale?
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
Is it okay to have a short monroe piercing while its healing?
bad idea
Do you have to have a buyer in order to do a short sale?
You would eventually need to have a buyer in order to complete a short sale otherwise you would be applying for a deed in lieu. Your Bank/lender however will start the short sale process without a buyer, in some cases approve a purchase price range so that you have an idea what you need to be selling you home for.
Is a short sale public record?
is a short sale on public records
What is better a short sale or a foreclosure?
A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.
How much is the sale yashica lynx 5000 worth?
i got mine at a yardsale for $10. but i have no idea if that was a good or bad deal.
Where can I find a price on a short sale?
Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.
Can you short sale your house to your spouse?
A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.
Can you purchase a short sale with an fha loan?
Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale.
How long will you credit be messed up if you are doing short sale?
A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.
Buyer's short sale savings?
Short sale is a great option for investors who want to make some money. If they make a smart purchase of a short sale home they can earn a huge profit. But, they need to be very careful when buying a short sale.
Is a nose job a bad idea?
Altering your appearance - unless there is a medical reason to do so, is always a bad idea. It may seem "beneficial" in the short term, but in the long term there can be many complications that could outweigh any short term benefits. You are what you are, and people will love you for what you are, not what you have altered. Stay as you are.
