Selling you home in a short sale: Is a short sale worth it? A short sale can affect your credit, but you get a break from the IRS in 2013. Q: Our daughter and son-in-law are looking into using a company that sells new homes but agrees to lease your current residence for six months. [...]
In the dreary real estate market, short sales are quickly becoming the new foreclosures— and that’s actually a good thing. A short sale is not an ideal way to get out of a mortgage you can’t afford, but it’s better than foreclosure, which causes severe damage to your credit score, limits your ability to buy [...]
A short sale may stop you from buying a new home for several years, as well as hurting your credit history and credit score. Q: We are saving to buy a second home to find better schools for our kids and because we are 50 percent upside down in our current home. We plan to [...]
Q: I have a second and third mortgage on my house. Can the lenders of my second and third mortgage foreclose on my house even if I make all my payments to my first mortgage lender in timely manner? Is there any way that I can short sell my house? A: Your letter reminds us [...]
Sellers trying short sell their homes find that lenders the biggest obstacle to closing the deals. Filing a consumer complaint may help. Q: I am having a horrible time dealing with my mortgage lender (one of the big five that was just named in the $25 billion foreclosure settlement) in getting my short sale to [...]
Some lenders are harder to get to approve a short sale. If you are having trouble, here are some ways to get your short sale approved. Q: I own a home, but I bought another home with my boyfriend. I listed the home I owned with an agent about three years ago and that’s when [...]
The choice might be to buy a home during a short sale, while in foreclosure or once the bank owns the home as an REO; each of these has its pros and cons in the home buying process. Q: I live in a house on our two hundred acre farm. The property next to us [...]
Buying a foreclosed or short sale home when you are downsizing. Q: We would like to down-size and are looking at a community with a lot of short-sales and foreclosures. Is there anyway to lessen the expected protracted period of waiting to hear from the bank for purchase approval? We can make an all cash [...]
