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Short sales: what to know first

Posted by jkom51 (My Page) on
Mon, Oct 12, 09 at 18:28

This article appeared on today's MSN Money website. I thought it might be of some assistance to those in difficulty who don't know whether a short sale could help them or not. HTH!

"Troubled owners: 3 warnings about short sales
By Aleksandra Todorova of SmartMoney

Many struggling homeowners are considering short sales as a way to avoid foreclosure on their homes, but there are a few things they should know before taking the plunge. Dealing with the burden of owning a home that's underwater, or worth less than the underlying mortgage, can be financially devastating."

Here is a link that might be useful: Short sales: what to consider


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RE: Short sales: what to know first

Poor article.

Part of negotiating a short sale is NOT having the mortgage holder report it as a deficiency to the credit bureaus.

They report the debt as 'satisfied' with no further details.

The $1000 sops from the government are a joke.

A lender is going to allow losses of often many 10s of thousands to get a $1000 'reward'?


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