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You may still owe money after a foreclosure or short sale

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Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up their hands and let the bank take the home, that might not be the wisest thing to do.

Before buying a house, you need to know how the short sale process works.. the lender is willing to accept less than the amount still owed on the mortgage.. a foreclosure situation, the bank takes ownership of the home after the buyer is. Your agent can check public records to see how much money the homeowner still.

"The short sale properties are in much better condition," said Sajag Patel, who handles short sales for Keller Williams Realty in Strongsville. "They haven’t been sitting vacant. The utilities are.

If more than 30 days have expired after the sale of the home, the application would be thrown out by the court. The trouble is, banks may hold on to the home for months or years after a foreclosure ..

The reason is because a home mortgage short sale after filing chapter 7 bankruptcy rarely makes sense. When I ask clients why they want to short sale their house after filing bankruptcy, the response I usually get back makes clear that the debtor does not fully understand the ramifications of their bankruptcy filing and the relief it afforded.

Many homeowners are surprised when they find out they can still owe money to the bank after a real estate short sale if the agreed upon price was payment of the loan in full. The homeowners may still owe the difference between the mortgage balance and the discounted short sale amount as the result of a deficiency judgment.

A short sale is when you sell your home for less than what you owe on your mortgage.. to keep up with mortgage payments, you may face foreclosure or short sale. You may still be able to avoid taxes on forgiven debt from a second.. Money · Real Estate · Travel · Law Firms · Cars · 360 Reviews · Civic.

Rather than face foreclosure, pursuing a short sale can offer financial solace.. from paying off the mortgage but still owe more than they can afford to pay. the seller can settle the loan with the money from the deal, or in rare.

HAMP Redefault Rate Less Than 2% After Six Months The Obama administration is revising redefault data released last week in relation to the home affordable modification program (hamp). The data – which showed that less than 6% of HAMP permanent modifications were 60+ days delinquent six months after modification and less than 2% of modifications were 90+ days delinquent – had been disputed by [.]

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