how does short sale work?

Author Message
Icon Mini Profile joanlargey




Joined: 02 Aug 2009

Posts: 1

1.00 Dollars($)
PostPosted: Sun Aug 02, 2009 12:44 pm    Post subject: how does short sale work?

No longer can afford home in AZ. If I "walk away" what happens???
Icon Mini Profile adonis
adonis



Joined: 22 Oct 2005



Posts: 3852
Location: ALASKA
120.89 Dollars($)
PostPosted: Sun Aug 02, 2009 7:17 pm    Post subject:

Hi joanlargey,

If you walkaway from the property, the lender would foreclose the property and get it sold to recover his dues. In my opinion, you should apply for a short sale with your lender and check out if he accepts it. A short sale sale is one of the options to avoid foreclosure. However, you should note that you would be liable to pay the deficient amount resulting from the sale of the property. It will lower your score by 75-100 points.

_________________
Procrastination is the enemy of your financial sucess
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk



DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0