Posted: Thu Jun 26, 2008 8:32 am Post subject: Short Sale Question
Hi --- I have had my townhouse on the market since April of 2006 with a couple offers, but nobody qualifies for the loan. It is in Cambridge, MN (30 minutes north of Minneapolis) It is appraised at $152,000 and I currentlly have it listed at $109,500. I have a first with Chase and a second with Countrywide. Has anyone else heard that Countrywide does not do shortsales??
You need to contact with Countrywide again. They do accept short sale but it may take a bit time. You can hire a real estate agent who has the experience on short sale. He may help you out.
A short sale is one of the methods to avoid foreclosure. In this process, you would have to deed away the property to the lender. The lender will then sell off the property in order to recover the debts. The deficient amount resulting from the sale of the property will have to be paid by the borrower to the lender. A short sale will reduce your credit score by 75-100 points.