So, just what is a Short Sale? Very simply stated, a Short Sale is a useful tool for Lenders and homeowners when foreclosure is the worst-case scenario. In a real estate Short Sale, the Lender gives the homeowner permission to offer the property for sale at less than the full loan amount or balance in order to accomplish a quick sale, thereby averting foreclosure (which involves hefty fees for the Lender) and even worse Credit Report and Scoring outcomes for the borrower.
At the same time, if you're shopping for a new home, you may also be looking for the best opportunity to make your next move into a purchase of either a Short Sale of Foreclosed property. In either case, read on … we have valuable, useful, and important information for you here.
Home prices have been falling at an unprecedented rate over the past few years and the trend is expected to continue. This has helped to create these two very different and often misunderstood scenarios:
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Credit Scoring issues have received just about as much media attention as Credit Reporting issues have in the past - and for very good reasons. Your Credit Score and Credit Report are a lot like peas and carrots. While they're separate and distinct pieces of your Credit Profile, they go together to form a snapshot of your current Credit Worthiness. Whether buying in - or recovering from - the current real estate market, We Can Help!
Understanding just where we are at in this economy is critical to the decisions you may now be considering. So first off, let’s try to simply understand the basics of how we got to this unique point in history. Check out these eye opening and important videos. Then let us know how we can help you.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
Have you ever wondered why banks are not modifying many mortgages, and instead are letting homes go into foreclosure?
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