Short Sale in Orlando

2007-08-04T00:18:00.000-07:00

A short sale is a home that is sold for less than what is owed on the loan to the lending company. The bank, Mortgage Company, or lending company agrees to a discount due to financial problems on the person that received a loan to purchase the home. In most cases, it is due to economic situations or hardships due to illness or death in the family. All monies from the sale will go directly to the lending company and the homeowner will not receive any funds, thus losing all equity in the home. However, their credit will be saved from a foreclosure, which is much more devastating.
The haggling or negotiation will be done through the banks mitigation department or other department that will work with the homeowner. The only problem is that the lending company normally has the final say whether they will accept or deny the sale. If the bank or lending company approves the lower amount of money, the homeowner may still be responsible for the remainder of the loan. In almost all cases, the loan is not settled in full and the homeowner will not be off the hook for paying the rest of the loan. However, in some cases, the full amount owed can be met, thus the homeowner will not owe any more money to the lending company.
This can be bad for the individual purchasing the home, as the lending company will still hold the title until the remainder of the loan is paid in full. In many cases, the lending companies may not accept a short sale; normally the decision depends on the real estate market in the area.
A short sale is often the best answer for those facing a foreclosure, especially if the lending company believes they will lose less money accepting a short sale than placing the home in the foreclosure process. For both the homeowner and the lending company, short sales do not take as long as a foreclosure and will in the end cost less than the entire foreclosure process as well as keeping a foreclosure off the homeowner's credit report.
Short sales are really nothing more than negotiating with the lender to take less money for the loan. Homeowners that desire to go this route need to ensure they will not responsible for a huge amount of money or they may not be any better off than they were before they sold their home. The idea is to negotiate with the lending company whereas; the money from the short sale will be accepted as the full amount of the loan. The lending company can state an amount they will accept for the balance of the loan, if the short sale does not satisfy this amount, the seller will be responsible for the rest.

Stop Foreclosure

2007-01-14T23:26:00.000-08:00

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