When your mortgage is more than what the home is currently worth, finding a way out from an underwater mortgage can be challenging. Most people probably don’t want to hassle or ramifications from a foreclosure, which can leave a sense of urgency to find a solution. Although short sales are one option that can resolve  … Read more

The Las Vegas housing market has taken one of the biggest hits in recent months, staking claim to one of the nation’s top areas for foreclosures. After much sweat and tears, Vegas homeowners have begun to force a new strategy for managing mortgage debt in their market: short sales. Trying Something New Now one of  … Read more

Avoiding foreclosure by way of a short sale can be a saving grace for many people. However, the process isn’t the easiest and can intimidate many homeowners. As the seller, there are a few things you can do to ensure the success of your short sale. Representation Although many people have successfully negotiated the short  … Read more

When thinking about the short sale process most people tend to focus on how it affects the seller. After all, they are the ones who are in mortgage debt looking for a way out. Not many people stop to consider how the short sale process affects the buyer.  For many buyers, the process can be  … Read more

Many people facing mortgage debt must try and decide the best course of action to relieve their debts and minimize the risk of foreclosure. When finances become tight, it may also seem like your options are closing in around you. In fact, the opposite is true. A deed in lieu of foreclosure can quickly absolve  … Read more

A number of the nation’s largest lenders have begun seeking out qualified homeowners to complete short sales in exchange for substantial monetary incentives. In fact, reports suggest that incentives could amount to as much as $35,000 for each deal completed. These legitimate offers have appeared all over the country. However, as short sales require banks  … Read more

As the foreclosure crisis drags on, short sales are becoming increasingly common. Unlike foreclosure—in which the bank seizes a property from the homeowner in lieu of mortgage repayment—short sales entail receiving permission from a lender to sell an underwater property for less than the amount owed on the mortgage. While short sales are generally considered  … Read more

According to HousingPulse Tracking Survey, fewer homebuyers are pursuing short sales as a means of saving money on a new home. This trend has been primarily attributed to the problematic, lengthy nature of the short-term sale process. Most notably, HousingPulse found that first-time homebuyers accounted for merely 40 percent of all short sale transactions, a  … Read more

A short sale can sometimes be the best means of avoiding foreclosure when a homeowner is feeling swamped by mortgage debt. However, many homeowners are struggling at present—especially in states such as Nevada, Arizona, and California, which have particularly high default rates—but not everyone will qualify for a short sale. Short sale applicants must prove  … Read more

In a short sale, banks agree to accept less than the value of a mortgage, at a loss of profit. In many states, banks can pursue borrowers for these losses and it is completely legal. This is known as a deficiency judgment. Avoiding a deficiency judgment Don’t sign anything hastily and have a lawyer review  … Read more