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housinglart · Joined: 09 Nov 2009 Posts: 1 1.28 Dollars($)

is shortsale benifits homeowners ?if yes wat are the
ADVATAGES OF A SHORT SALE OVER LOAN MODIFICATION

sara · Posted: Mon Nov 09, 2009 3:51 am Post subject:

Hi housinglart,

Short sale is one of the processes to save your property from foreclosure. You will have to apply for a short sale to your lender by writing a hardship letter. You should mention your financial hardship in the letter. The lender will judge your situation and let you know whether or not your request would be considered. If your requested is accepted, you'll have to transfer the property to the lender and it will be sold off.

A short sale will effect your credit score and lower it by 75-100 points. Moreover, you would be responsible to pay the deficient amount resulting from the sale of the property. In case of a loan modification, you will be able to save the property. The lender will change your existing terms and conditions to pay off the loan.

Take care.

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shortsale benifit ?