Do you own a home that is worth less than what you owe to the bank? Are you having serious financial problems to continue to make payments on this home? You may want to ask your bank for approval to begin a Short Sale.
Some of the valid reasons for the bank to authorize a short sale are:
Death or illness of a family member
Relocating or job change
Divorce or separation
Short Sale is a negotiation that takes place before the foreclosure process starts.
In the Short Sale the Bank authorizes the sale of the property to the owner at a price below the debt. A deal like this allows all parties to gain. The owner sells the debt without further affecting his credit, while the bank recovers most of their money and avoids lengthy and costly administrative and legal proceedings (to recover the property and then put it back on sale). Moreover, the buyer gets a property at a very good price. This is a brief explanation of what is involved in Short Sale*.
More and more people in financial difficulty are considering refinancing or loan modification and short sale.
* This is a brief explanation of what is involved in Short Sale, by someone who is not a lawyer, but with knowledge gained from studies to license for real estate transactions in the State of Texas, courses (Webinars) and the practice for almost a year with a matter of this nature.
Author:Oscar Nieto Phone: 915-355-9305 Dated: November 22nd 2012 Views: 1,547 About Oscar: ...
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