Short Sales
Flip Taxes and the GFE
GFE disclosure rules are unforgiving when it comes to under-disclosing. But most loan officers have become adept at accurately disclosing and GFE refunds are less frequent than before. Hopefully my efforts in this column to educate the banking community has helped, and of course don’t forget the comprehensive closing cost brochures for NYC and the …
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Buying a Short Sale? Some Rules of the Road
Sellers who owe more on their home than it is worth often choose to try a short sale, which requires approval from the bank to sell for less than what is owed. These deals can be good for both the buyer and seller, but before entering into one, there are some important considerations a buyer …
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Short Selling? Ask Yourself Four Questions Before You Do to See If You’re a Candidate.
Deciding to try a short sale is an important decision. Underwater homeowners often consider this alternative to foreclosure. It can be the answer to a tough financial situation, but it’s not for everyone. Here are four important questions to ask before making the decision. What is your credit score? A short sale will drop your …
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Behind on a Mortgage? Your Lender Might Want to Pay You!
The big banks have come to the conclusion that more foreclosures will not help the sluggishly recovering housing market. It’s about time. A good alternative to foreclosure or bankruptcy for underwater homeowners – those who owe more on their mortgage than their home is worth – is a short sale. In the beginning of the …
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An Expert’s Guide to Succeeding in Your Short Sale
The decision to sell short is an important one. But for underwater homeowners in financial distress, it can sometimes be the best option. In a short sale, the seller remains in control of the transaction, and no legal proceedings are necessary. Unlike a foreclosure or bankruptcy, which are court proceedings and become a matter of …
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Selling Short: Debunking Some Myths about the Process
Homeowners thinking about selling short – asking mortgage lien holders to release their lien against the property for less than what is owed, in order to facilitate a sale to a bona fide buyer – are faced with some difficult decisions. A short sale can impact credit for years, so the decision should not be …
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Selling Short: A Beginner’s Guide to Avoiding Foreclosure and Bankruptcy
Struggling homeowners who cannot keep up with mortgage payments have few choices when faced with the realities of job loss or other financial hardships which make it difficult or even impossible to pay their mortgage. Generally, there are three options: (1) Bankruptcy, (2) Foreclosure or (3) Short Selling. All three options have negative effects on a …
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