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In the real estate industry short sale initiates when the borrower is in financial crises and unable to pay the mortgage amount. In case of a short sale, property is sold to a third party (not the bank) and the proceeds from the sale go to the lender. After the sale of property the lender can opt for recieving the diffieciency amount or may forgive it. In many states is hould be forgiven leagally.
What else can I help you with?
How do you get out of a second mortgage when the house has been sold on a short sale?
How do you get out of a second mortgage when the house has been sold on a short sale?
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.
Do you have to live in the house to do a short sale?
You do not need to live in the house to complete a short sale. In order to qualify for the HAFA short sale you would need to of lived in the property within the last 12 months.
Can you short sale a house that is left to you in a will?
That is up to the lender.
What are the release dates for House Hunters - 1999 Short Sale in Sacramento?
House Hunters - 1999 Short Sale in Sacramento was released on: USA: 14 March 2010
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.
How long after a short sale can you buy another house?
In the United States, you will need to wait three years after a short sale in order to buy another house. This is per the Federal Housing Administration.
Can you short sale your house if you have two mortgages?
Yes you can. I am currently purchasing a short sale house from people that had a 20/ 80 loan with two banks. It has been very long and tough but it can definetly be done!
Is it better to short sale a house or refinance to get credit in good standing?
It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.
What happens if house burns down while the house is on short sale procedure?
If you haven't caused the fire, the situation shouldn't be worse than where you are right now. However, your short sale plans would have to wait until things are sorted out.
What are the release dates for House Hunters - 1999 First Time Buyers Seek Short Sale in Sacramento?
House Hunters - 1999 First Time Buyers Seek Short Sale in Sacramento was released on: USA: 4 April 2010
If i short sale a house how long do i have to wait to purchase a dwelling?
If you short sale a house you don't have to wait any specific amount of time to purchase a dwelling. It does mean that the interest rate on the new mortgage could be higher than normal, or it may be more difficult to purchase a new dwelling due to the poor credit score resulting from the previous short sale.
