Sentences with phrase «to agree to a short sale»

Your lender won't agree to a short sale if there's no one to actually sell it to (hint: we'll buy it!).
Mortgage lenders who agree to a short sale are do it to minimize losses and avoid foreclosure.
The holder of your home equity loan would have to agree to a short sale as well.
A bank may not agree to a short sale on an investment property, especially since there's a second property to go after.
If the mortgage issuer agrees to the short sale terms then the home owner will not owe the remaining $ 20,000.
Even if you accept to use our service, your lender may not agree to a short sale.
Which means that banks do not have the same incentive to agree to a short sale as they may have in the past.
Second, the lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale.
Where the current fair market value of your property is less than the amount you owe on your loan, the lender may agree to a short sale allowing your property to be sold for less than the amount of the loan balance.
If you're under water on your mortgage, see if your lender will agree to a short sale in which you will not be responsible for the difference between the selling price and the mortgage balance.
Mortgage lenders sometimes agree to short sales rather than deal with foreclosing on a property mortgage loan.
Instead of just listing it on the MLS and hoping someone comes along and scoops it up while the bank continues on its path of taking your home, we have unique and extremely effective, proactive methods of getting the banks to agree to a short sale instead of the foreclosure, all at no cost to the homeowner.
If that law expires as scheduled, homeowners who agree to a short sale could see their income tax jump significantly because the portion of the unpaid loan balance not covered by the short sale proceeds will be considered taxable income in many cases.
For example, if the seller has a home equity line of credit on top of the mortgage, the home equity lender not agreeing to the short sale could prevent the deal from going through.
(2) You may still be obligated on the debt: when the lender agrees to a short sale, the lender is only agreeing to «release» their lien on the property for less than what they are owed.
We hoped they would take the property from us, or agree to a short sale, or work with us in some way.
The Short Sale Act is not about forcing lenders to agree to a short sale, but rather expediting the timeline in which they decide whether it's in their best interest to proceed.
Try to get your lenders to agree to a short sale.
So, if you can get a bank to agree to a short sale, you're being let off the hook for a portion of your debt.
The lender agrees to a short sale, that is, you will sell for $ 300K, give that amount to the lender, and they will forgive the rest of the loan.
Of course the housing market isn't doing so great in many places, but you may be able to get your mortgage lender to agree to a short sale.
There is no guarantee that your mortgage lender is going to agree to a short sale or deed - in - lieu.
Borrowers does not necessarily need to be in default of the mortgage payments for a lender to agree to a short sale; however, they typically need to prove some type of financial hardship, such as the loss of a job, which is likely to result in default.
Now you need two lenders to agree to the short sale.
In many short sales, a seller would be able to qualify under the first two of these exemptions, especially since it was almost certainly necessary to show financial hardship in order to convince the lender to agree to a short sale.
For example, the second mortgage may require that it receive some money for it to agree to the short sale (the funds the second mortgage receives means the first mortgage receives less).
A lender will typically evaluate the financial situation of the borrower as well as current market conditions to determine whether or not to agree to a short sale.
The bank is giving big cash payments to borrowers that agree to a short sale — and waiving the deficiency.
Florida Realtors Want an Online Search Site Containing Bank - Approved Short Sale Listings — A List of Homes That Lenders Have Agreed to Short Sale and The Price Which They Will Accept
Plus, it's a good alternative to forclosing on your home or trying to persuade your lender to agree to a short sale.
An underwater homeowner might convince their lender to agree to a short sale of their home at $ 100,000, even though they owe $ 150,000 on their mortgage.
Different hardships may require different strategies to get the bank to agree to the short sale.
Banks will need to know why a home owner who borrowed money for a home loan can no longer make those payments before they will agree to a short sale and a «hardship letter» is where the home owner begins his negotiations on getting the lender to agree to short selling of the property that supports the loan.
Two lending giants are reportedly offering home owners who are behind on their mortgage a cash reward to agree to a short sale in Florida JPMorgan Chase & Co. and Wells Fargo & Co. aren't releasing many details about the short - sale incentives, but defaulting home owners in Florida have confirmed that they've received anywhere from $ 10,000 to $ 20,000 from the banks in order to agree to a short sale.
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