Posts tagged "what is short sale"

Real Estate Short Sale: What Is It And How Does It Effect My Credit.

What is a short sale? After the real estate bubble burst. House prices rapidly dropped. Many homeowners ended up having a mortgage balance higher than the current market value (Term used for this “Under Water”). So these under water homeowners cant refinance or sell their home without coming up with a large sum of money to cover the difference. For many people foreclosure was the only option. Foreclosures are costly for the lender, take time, involve attorneys, and make homeowners angry. Some homeowners would even damage property; lowering the properties value even more. So the mortgage lenders come up with […]

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Posted by - October 7, 2012 at 11:29 pm

Categories: Real Estate   Tags: , , , , ,