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Needhelp18
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Post subject: Rent or short sale |
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Hello I want to rent my property but I spoke to a realtor and she suggests that I do a shortsale. I know that if I rent my place I will not get enough monthly to cover the mortgage. The realtor claims that my credit will not be affected by a shortsale. Is there a certain amount of time for a shortsale property to be sold before the property becomes a foreclosure?
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Needhelp18
Guest
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Post subject: Rent or short sale |
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Hello I want to rent my property but I spoke to a realtor and she suggests that I do a shortsale. I know that if I rent my place I will not get enough monthly to cover the mortgage. The realtor claims that my credit will not be affected by a shortsale. Is there a certain amount of time for a shortsale property to be sold before the property becomes a foreclosure?
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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for you to try a short sale, you'll have to gain the consent of your lender. this, of course, would take you off their foreclosure roster at least temporarily.
i don't know where your realtor got his or her information, but the short sale will definitely have an adverse impact on your credit. in thi marketplace, that seems less important than simply eliminating the debt of that mortgage.
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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christinehynes
Joined: 05 Sep 2009
Posts: 72
Location: Orange County, California
12.58 Dollars($)
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Post subject: |
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According to the new regulations laid down by the Federal Treasury last Monday, short sales are now included under MHA. The fed will now give both borrowers and lenders cash incentives for successful short sales, and if you're in danger of foreclosure and cant get a loan modification, you should really explore this avenue. There is still a credit score hit with a SS, but its a lot better than the one you will take with a foreclosure.
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christopher dunlap
Guest
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Post subject: short sale/ forgiven balance |
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| If I had a short sale and the lender forgave the remaining balance, what will be the specific affects on my credit score? Because of deterioting market conditions, the property had no choice but to be a short sale. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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A short sale will reduce your credit score by 75-100 points. This is irrespective of whether or not you pay the deficient balance to the lender.
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Good is the Enemy of Great. |
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taysus
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Post subject: short sale declined |
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| My home loan has a balance of $397,000 and homes in my neighborhood are short selling or foreclosing between $200,000-$250,000. Mine is a bit nicer and a BPO of $265,000 was received so my buyer offered $285,000 to get sale done. Credit Union accepted but private mtg insurance co. declined. Why would they do this and what can I do? Note: the buyer is my father and the credit union knows this and does not care if a family member purchases. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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the mi company stands to lose a fair bit of money if that sale goes through. that's apparently good enough reason for them to decline. do they have knowledge of your father being the buyer? that might be too close for comfort for them as well.
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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need2move
Guest
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Post subject: real estate law |
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| We can't sell our house and have to move. We only owe $44,ooo on it. We dont want 2 payments every month. Rent isnt an option. What options are left? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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you haven't indicated what the approximate value of home may be. that would certainly be important - dropping the price would seem to be a viable solution to the inability to sell at this time.
at $44000 you'd like to think that the payments wouldn't be prohibitively high, but of course, we don't know your budget, nor why renting it out is out of the question.
that leaves you with walking away and having your lender begin a foreclosure action, i guess. if all other options have been considered and discounted, that's seemingly all that's left.
if that's unacceptable, then you'll have to choose from the rest of the list, and take the one that is least inhibiting to your overall plans.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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cherbear1983
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Post subject: |
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| Would you short sell a home to a relative? |
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Post subject: |
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| it's my experience that most lenders are prone to deny that opportunity, cherbear. it's "too close" for their comfort, i believe. |
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Memphis
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Post subject: short sale |
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| How do I improve my credit score after a short sale? I have very little debt and need to improve my score to buy a house. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi Memphis,
Do you have any negative items apart from the short sale on your credit report? If there's any collection, charge-off, etc., first try and remove them from your credit. It is good that you have little debt which you can easily manage. But you should have a few low balance credit cards, use them every now and then and pay them on time. This helps you improve credit score. |
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RaniePerez
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Post subject: Short Sales |
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| Am in the process of putting both of my properties in short sale, my question is the drop down in my FICO score will be double impacted or will be a one time drop down ? |
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