If you owe more than your house is worth and can’t afford your payments, you might be able to sell it for less than you owe — without having to pay the lender the difference. By Bankrate.com If you can no longer make your mortgage payments and your home is ...
Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause. But hard-pressed homeowners like Lydia Sweetland are asking why lenders often balk at a less disruptive solution: short sales, which allow owners to sell deeply devalued homes for less than what remains ...
Short Sale Myths A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find ...
The following is a list titled “10 Tips for a Successful Short Sale” created by Bank of America. For the full list, click here. Tip #1: Obtain education and experience with Short Sales Tip #2: Set Expectations Tip #3: Get outside liens released ASAP Tip #4: Work to sell property at fair market value ...
Short sale transactions can be complex to negotiate with lenders. Hence, real estate trainer and educator Kathy Mehringer’s definition of short sales: “A transaction where nothing is certain but for the uncertainty.” Mehringer, director of risk management for Coldwell Banker Residential Brokerage, Southern California companies, offered tips to negotiating short ...
LPS Data Shows GSE Foreclosure Starts Are Accelerating Fannie Mae and Freddie Mac are beginning to initiate foreclosures at a faster pace. According to a new study from Lender Processing Services (LPS), GSE foreclosure starts have been accelerating and are currently at all-time highs. From May to June, foreclosures initiated ...
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