Category Archives for "Short Sale versus Loan Modification"
Number on way to avoid a foreclosure and the auction of your home is according to Bank of America is – A SHORT SALE!!!
A short sale is the a way to sell your home and settle your motgage debt for the less than what you own on it! This is not only a positive for the homeowner, but also for the bank because they get more than they would if you home was foreclosed on. Some additional benefits are below:
Another option is to get a Deed in Lieu of Foreclosure, in which you give your property’s deed to the bank. This will still have a negative effect on your credit, but it is a much easier process than going through a foreclosure.
CLICK HERE for a checklist to smooth the transition from your home, and to get contact information for valuable assistance!
“I would like to commend Michael Simonini of Showcase Realty for coming to my rescue and helping me favorably part with investment properties I had in North Carolina. In 2006, I purchased a few properties hoping to rent them but, was unable to do so; I found myself paying these mortgages on my own. After several years I was no longer in the position to continue making payments and therefore, started to receive foreclosure notices. For anyone facing foreclosure, you know how frustrating and difficult it is trying to work with your lender to salvage your credit and at the same time preserve your dignity. I reside in New York, which posses many challenges because I was not able to regularly travel to North Carolina in order to maintain these properties or meet with realtors to list these properties for sale.
“In December 2009, after countless hours of internet searches and telephone conversations trying to locate a realtor in North Carolina, I was referred to Showcase Realty by GMAC Mortgage. Showcase Realty was instrumental in successfully obtaining short sale on these properties. I am extremely grateful and fully satisfied with the high level of professionalism received from the staff at Showcase Realty. I can assure you, Showcase Realty will be by your side every step of the way in assisting to find a favorable solution for your situation. In the future, if I am in the position to purchase properties in North Carolina I will not hesitate to contact Showcase Realty. I am confident in highly recommending Showcase Realty for all your real estate needs.”
Brian M., New York
Short sales give homeowners an option other than going through the embarassment of foreclosures, while banks avoid the legal bills and maintenance costs the follow a foreclosure.
Short sales usually sell for more and get more money for the banks than foreclosures. In turn, banks often agree to drop any additional mortgages payments!
“Treasury is currently reviewing a proposal to aid distressed homeowners by allowing a short sale of mortgage notes from mortgage-backed securities (MBS) trusts to new investors.” (DSNews.com)
Jordan D. Dorchuck of American Home Mortgage Servicing, Inc. developed the proposal in hopes of making the lives of distressed homeowners much easier with the use of principal reduction modifications. He believes that the plan will reduce the losses and increase benefits for both the investors and the borrowers, as long as it refrains from being driven by consumer demand.
Just when you thought that owning a home in this current market wasn’t the best decision, the Homeowner Reward Co., of PMI Group, Inc. wants to remind you that you did the right thing!
PMI realizes that it’s not the homeowner’s fault that their market was hit harder than most others, so it is now offering the RH Reward to help those who owe more on their mortgage than their home is worth.
Read the article below for more information on the program!