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Tag Archive | "short sale"

PROs & CONS of Short Sales

Monday, January 19, 2009

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Short sales are different than bank-owned/foreclosure/repo homes, and also different than regular resales. They are a strange mix of the two. With a short sale, the owner still technically owns their home, but owes more on their mortgage than what the home is worth. Therefore, in order to sell, they need to get special permission […]

The Truth about Short Sales

Wednesday, October 22, 2008

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by Catherine Reagor – Oct. 18, 2008, The Arizona Republic More than 7,000 homeowners facing foreclosure in the Valley are trying to sell their homes through a process known as a short sale, according to Arizona Regional Multiple Listing Service data. But less than 5 percent manage to sell before lenders seize their houses. The failure by banks […]

What the heck is a SHORT SALE?

Wednesday, January 16, 2008

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A short sale occurs when a lender agrees to accept less than what they are owed for an outstanding loan. When a homeowner/borrower is facing delinquency and possible foreclosure on their mortgage, it is sometimes possible to work with the lender to obtain a sale for less than the amount owed.  Not all lenders will consider […]

Mortgage Relief Passed by Congress & Signed Into Law by the President!

Saturday, December 22, 2007

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Source: CMPS Legislative Update from http://www.cmpsinstitute.org/  On Thursday, December 20th, President Bush signed into law a bill passed by Congress: HR 3648 -Mortgage Forgiveness Debt Relief Act of 2007.  The three major points are: Elimination of the “phantom tax” on foreclosures, short sales or other discharges of debt on a primary residence.  Consider this scenario:  A […]

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