Hi friend! If this is your first time visiting the personal finance budgeting, you may want to subscribe to the latest articles by email from the personal finance budgeting for free, Thank you. There are thousands of homeowners who are having financial problems especially with their mortgage payments. However, some of them might have survived the hardship because their mortgage lenders were willing to work out their mortgage difficulty by accepting short sale. There are a number of frequently questions that can help every confused borrower on their decision about accepting a short sale.
1. What is a Short Sale?
A short sale is a sale of Real Estate in Suffolk VA, for example, in which the sale proceeds fall short of the balance owed on the property?s loan. When foreclosure is close at hand, it becomes a very useful tool for lenders and homeowners.
One good reason why borrowers opt for short sale rather than proceed with the foreclosure process is because the existing lender pays virtually all sales costs, commissions, escrow, title fees and repair costs. Since the loan has been paid off, the homeowner will have no problem to get their home sold quickly. Another plus factor is that the foreclosure process has been averted.
2. Will the lender accept short selling the property?
It depends on the extent of hardship a borrower is experiencing. In order for the Loss Mitigation Department to process the short sale request, the hardship should be real so that the company will consider the loan as delinquent. In order for a short sale request to be processed, the borrower must submit a strong hardship letter that states the reason of the missed payments.
Reasons or ?hardships? that are commonly accepted by mortgage are ? job loss or significant income loss, family illness or injury, illness or injury in the extended family ? particularly if it forces relocation, job relocation when the property is equity deficient, divorce or split of domestic partners, and adjustment in mortgage payment or unforeseen increase in living expenses
3. How much will a borrower pay to short sell the home?
In most cases, you have to literally pay NO sales cost if your lender agrees with the Short Sale. Everything as in all commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the Short Sale approval. You might be surprise if a lender agrees with a short sale. The reason behind why they approve a short sale and accept to pay everything for your Woodbridge Virginia Homes property to avoid the biggest loss called foreclosure.
4. How can a Short Sale affect one?s credit record?
Foreclosure is the most damaging event in your credit status and is considered worst than bankruptcy. A short sale will show on your credit record and will definitely affect your credit rating. The difference with foreclosure is that you can resume borrowing relatively quickly with short sale.
These are more questions that need to be answered when it comes to short selling your home, but these four are the most frequently asked questions that needs clarification before a borrower can consider a short sale over a foreclosure.
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Seller?s Short Sale Top 4 Questions
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