What is a Short Sale in real estate and who would want one? Certainly not the bank. The bank who loaned the money to buy the house wants all that money, plus the interest agreed upon. They want all of it, cutting no part of that amount short. Regardless of what that house may be worth now, the agreement with the lender was to pay the whole amount. So how does a homeowner get a short sale out of that? Not easily, and not without a sacrifice of credit, but it can be done. What if you are coming up short on making your mortgage payments? The Short Sale of your home may be the best resolution, depending on your circumstances. A Short Sale is when the lender agrees to accept less than the mortgage amount owed. Again, the bank wants their money, but they do not want your house. They do not want to open a branch office at your address, keep cold cash in your refrigerator, convert your garage to a drive through and give out lollipops. Banks are in the business of money, not real estate. While your home is held as collateral on the loan, the […]
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