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Answered 2008-08-19 13:09:49

It depends on the policies of the lender. You will need to have a conversation about the difference with them.

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My bank is threatening foreclosure are they willing to accept a payoff lower than the amount owed?

Maybe, but no homeowner knows in advance how much a bank will accept or even whether it will consider an offer for less than the total amount owed. The best idea is to speak with the bank about getting the principal reduced in a loan modification or allowing the borrowers to pay less than what is owed in order to sell the house in a short sale.

Is there any money to be made for the seller in a short sale?

No. A short sale is a sale that doesn't bring in enough money to pay the amount owed on the note. (It is sometimes loosely used to describe a sale that brings in less than price asked for a house.) A short sale most often occurs when a homeowner is confronted with foreclosure. The homeowner asks the lender to accept a buyer's offer for their house that is less than the amount owed on mortgage loan. Because the bank is taking a loss, there is no way that a seller is going to make any money on the deal.

Is a foreclosure a valid reason for a short sale?

A short sale is a sale where the buyer's offer comes up "short." If you're selling your home and you receive an offer that is less than you owe on your house, you've sold it short. It can appyl to a homeowner you wants to get rid of their house, even at a loss. More typically, it used when a homeowner is facing foreclosure. A homeowner with a buyer who offers less than the amount owed on their house can approach the lender requesting they accept the short sale rather than foreclose. The lender is under no obligation to accept a short sale. If you don't have a buyer, you should ask your lender to consider a "deed in lieu." With this option, you're asking the lender to accept the deed to your house instead of (in lieu) of foreclosing. A REALTOR can help you with a short sale. Because there is often little or no commission involved with a deed in lieu, you should speak with an attorney. You can find one through a local bar association lawyer referral service. Usually, they offer a discounted initial consultation.

Can you get a short sale all the time?

A short sale is most often using when a homeowner is facing foreclosure. If the amount offered by a potential buyer of your house is less than the amount you owe your lender, you can ask the lender to accept the offered amount as payment in full. The lender does not have to agree to accept a short sale. They may elect to go ahead with a foreclosure because of other liens on the property (such as 2nd mortgages.) You can request a short sale by submitting a short sale hardship letter to your lender.

What is the difference between a short sale and a foreclosure in real estate matters?

When the owner of a home can no longer afford to make payments on their home mortgage, the home may be sold in a short sale before it enters into foreclosure. A short sale is one of a homeowner's last resorts. It occurs when a home is sold for less than the balance remaining on the mortgage. Typically the homeowner and lender strike a deal in which the homeowner agrees to accept less than the amount they owe on their home (making no profit) in exchange for the lender forgiving the remaining amount on the loan. This process may still damage the homeowner's credit, but they will avoid foreclosure. If a homeowner can't make payments on their mortgage and the home does not sell through a short sale, the lender can take possession of and sell the property by a foreclosure proceeding. To find out more read the full article on

What is the difference between deed in lieu and a short sale?

As a distressed property owner, you may hear about many alternatives to help homeowners avoid foreclosure. A deed-in-lieu of foreclosure and a short sale are alternatives for homeowners to avoid foreclosure. They both, however, are slightly different and come with specific risks and benefits. Read on below to see a comparison of both of these alternatives to avoid foreclosure.Deed-In-Lieu of ForeclosureWhat it is: A deed-in-lieu of foreclosure is where a Knoxville homeowner deed their home back to the lender, who will in return release the homeowner from their mortgage.Benefits: The lender promises to cancel any foreclosure proceedings. The homeowner avoids foreclosure and does less damage to their credit.Risks: The lender could still pursue the homeowner for a deficiency judgement.Why it could be the right choice: The homeowner will want to read the contract carefully to make sure the lender will not hold them liable for a deficiency judgement. While consulting with an attorney can be costly, having an attorney look over the contract is significantly less expensive than having a lender pursue you for a deficiency judgement.Short SaleWhat it is: A homeowner owe more on their home than it is worth. The seller negotiates with their mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.Benefits: The homeowner avoids foreclosure and does less damage to their credit.Risks: Negotiating short sales can take a long time. Distressed homeowners will want to make sure they select an agent that has experience with the process and is able to do them successfully. Otherwise, while the short sale is being negotiated, the homeowner may end up in foreclosure anyhow. Also, the distressed homeowner will want to make sure they know the terms of their short sale and that the lender agrees not to pursue them for a deficiency judgement.It can be difficult to determine whether a short sale or deed-in-lieu of foreclosure is the best option for you. While an experienced short sale agent will be able to provide you with information about your options, you should always be sure to seek legal counsel if necessary.

What is short sale?

A short sale is when the bank or lender allows the homeowner to sell their property for less then is owed to them. With over 15 million homeowners in default, a short sale is one of several alternatives to avoid foreclosure. It effects your credit score much less then a foreclosure, damages your credit a significantly lower amount of time, and can often result in no deficiency statements. In order to facilitate the short sale transaction a qualified real estate agent should be contacted. They are paid from the bank and should not charge you a dollar. Be careful of pricey transaction coordinators, attorneys, and bankruptcy agents after your money with little care of your actual financial situation. After careful analysis of your options it is important to make an informed decision. After considering all my options I was able to succesfull perform a short sale with a qualified agent.

How can a new homeowner use an endowment mortgage to their advantage?

There are many ways that a homeowner could use an endowment mortgage to their advantage. The biggest advantage is to be able to make less mortgage payments.

Can you stop a debit card payment?

Yes if the payment was fraudulent. Usually there is a very short time window (2 days or less) to notify your bank.

How does a short sale work?

A Short Sale is quite simply a sale of real estate that does not satisfy all lien holders. The lien holders are typically the banks/mortgage companies that hold mortgage liens against the property being sold. If a homeowner has a legitimate financial hardship, a short sale will allow them to sell a home that has negative equity with the consent of their lien holder/bank. Example: John Doe bought 100 Main St. in 2005 for $100,000. In 2009, Mr. Doe lost his job and has not become employed since. The property's value is now approximately $75,000. Mr. Doe cannot afford his mortgage payment any longer, so as an alternative to foreclosure, he requests that XYZ Bank allow him to short sell the home, because the market value is less than the amount owed to XYZ Bank.

What is difference between foreclosure and short closure of contract?

A short closure of contract is typically called a short sale. In a short sale, the owner works with the bank to sell the property at a price less than the market value. The goal is to get as much of the loan paid as possible. The owners owe the bank the difference between the sale price and the loan amount whereas in a foreclosure the buyer just walks away and owes much more.

Can you use American money in Spain?

You can exchange US Dollars at any bank. If you insist on using US dollars in a retail setting then either they will refuse to accept them or you will get a much less favorable exchange rate. It is inconvenient and costs time and money to accept a foreign currency. The retailer cannot be expected to know what the precise exchange rate is like a bank does. They will err on the side of caution and you loose money.

What is the difference between a short story and a very short story?

A short story is typically defined as 7,500 words or less; flash fiction (or short-short stories) is usually 1,000 words or less.

What are the short term sources of funds for financing a busniness?

the sources of fund which has maturity 1 year or less basically there are three sources of fund. credit 2.short term bank loan market

How do you accept defeat?

you accept defeat by eating it and hoping to win the next time. You can also be less competitive. F*** this question

Is there a study showing that people are willing to accept less as long as others get even less than they do?


Is it possible to request a lower payoff from your lender?

Absolutely it is. Mortgage companies frequently offer borrowers "short payoffs", depending on the circumstances. The most common form of a short payoff is a short sale, where the homeowner sells their home for less than what it's worth in order to avoid a foreclosure. Some second lien holders will offer a distressed homeowner the opportunity to wipe out a debt for a small percentage of what's owed. More recently, there has been pressure on mortgage companies to refinance homes at current market value, wiping out any negative equity on a loan and lowering the monthly payment. For more information, email me at

Which services are offered by TSC Direct?

TSC Direct offers automobile and homeowner insurance. They insure the better drivers so that there will be less accidents and less claims. TSC Direct is located in New York.

Can bank account five dollars or less be garnished?

Can bank account five dollars or less be garnished?Read more: Can_bank_account_five_dollars_or_less_be_garnished

Is a short sale a better option than a deed in lieu of foreclosure?

You can only use a short sale if you have a potential buyer for your house. If the buyer's offer is less than you owe the lender then it "comes up short." You send the lender a request for a short sale letter asking it to accept the buyers offer as payment in full. A "deed in lieu" is used when you don't have a buyer and you want the lender to accept the deed to the house instead (in lieu) of foreclosing. Generally, you can't use a deed in lieu if you have a 2nd mortgage or substantial liens on the property.

Can a homeowner sell his home to a family menber for 1?

You might be able to quit claim it & they can assume but generally they can't be sold for less than appraisal.

Does basketball help you lose weight on your thighs?

Short of having liposuction there's no way to target weight loss. You just have to eat less, train more and accept that you will be losing weight slowly and a little all over.

What is short selling property?

A short sale of real estate means that the property is sold for less than the balance due on the mortgage. In a short sale the owner has negotiated with the bank and the bank has agreed to discount the amount due on the mortgage by accepting the proceeds from the sale as full payment of the mortgage. In certain circumstances, the owner may receive a 1099 on the amount of the loan that was forgiven. That amount may be counted as income by the IRS if the property was not the primary residence.

Why does being short make you less of a man?

Being short does not make you less of a man. A man of any height is still a man. A tall man is no greater a man than a short one.

Why are nanocoated tennis balls good for the environment?

โ€ข last longer โ€ข use fewer balls โ€ข less materials or save resources โ€ข less manufactured accept less factories โ€ข less energy โ€ข less fuel โ€ข less pollution / greenhouse effect / global warming โ€ข less waste