Even though a lender may have accepted, say, $1,000 for a $ 100,000-second mortgage through a short sale, the security for that hard-money second is released, but the promissory note may not be. A short sale seller such as our reader might believe the ordeal is over, until one day he receives a phone call asking for repayment. When this happens:
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Buyers opt for short sales when their desire to buy the home outweighs the drawbacks of lengthy negotiating and waiting periods. In a short sale, the mortgage lender agrees to accept sale proceeds that fall short of paying off the loan balance. Lenders may withhold short sale approval for various reasons.
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You can certainly look into a short sale, but one thing you need to be aware of is the credit hit. You may have limited mortgage options for the next several years if you do the short sales. Since one of these loans is a VA loan, one of the things you can do is refinance the property for up to 120% of its value in order to reduce the rate.
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Short sales are far less common in the U.S. housing market today than a decade ago. The peak years for short sales were 2008 to 2012, during the mortgage crisis. When a lender agrees to accept a.
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Lenders will report the short sale to the three major credit bureaus as a charge off, a settlement, a deed-in-lieu of foreclosure or a loan settled for less than the amount due. The way the lenders report the short sale also can have a significant impact on the damage to your credit score.