Say you're selling your home; however, the offer you get is so low, This is a short sale-simply put, you end up “short” on paying back your.. short sale is done right, sellers, buyers, and the lender can all walk away happy.
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The reason is because a home mortgage short sale after filing chapter 7 bankruptcy rarely makes sense. When I ask clients why they want to short sale their house after filing bankruptcy, the response I usually get back makes clear that the debtor does not fully understand the ramifications of their bankruptcy filing and the relief it afforded.
The short sale completion time often is due to the particular lender involved and the complexity of the short sale. Things like the number of lien holders, liens against the property and private mortgage insurance can all be factors in whether a short sale will take extra time.
I live in a house that I rent from my father who recently passed away after a long fight with leukemia. It’s a great house and I love living here, butI live in a house that I rent from my father who recently passed away after a long fight with leukemia.. Negotiate a short sale after family.
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A mortgage short sale is the sale of a property by a financially distressed borrower for less than the outstanding mortgage balance due where the proceeds from the sale will be used to repay the.
A short sale is a real estate transaction where the owner’s lender agrees to accept a purchase offer from a new buyer, short of what is owed by the original owner. This could be great for you, the buyer, but it could take a long time to move into your home.