Ever encountered the terms “traditional sale” and “short sale” but are confused as to what they mean and how these things differ from each other? Whether you’re on the buying or selling side of real estate, these concepts are helpful for you...
How Will a Short Sale Affect My Credit Score? Borrowers often ask, “How Will a Short Sale Affect My Credit?” An individual’s credit rating affects their ability to obtain financing and obtains favorable rates. FICO, the Fair Isaac Corporation, is the most widely used...
Tax Implications Borrowers are often concerned about the tax consequences of a short sale. This is because, up until fairly recently, mortgage debt on a primary residence that was forgiven from a Short Sale or Foreclosure could be counted as “taxable income” by...
Many people wonder why the bank would allow them to participate in a short sale transaction.Can anyone short sale their property? In all short sales, the bank must assure that the borrower qualifies for the transaction. Most mortgage lenders will allow a Short Sale...
Frequently Asked Questions about Short Sales Here are the answers to the most Frequently Asked Questions about Short Sales: 1. I can’t make my house payments, but I do have an ability to pay back all or part of the negative equity. Also, I want to preserve my credit...
The Short Sale Process begins when you sign a listing agreement to list your home for sale. At this time, your real estate agent will collect a number of personal documents that will be sent to your mortgage lender as part of a short sale package. There are several...
