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This wasnt the same woman I knew years ago. The assertive person I knew back then always made careful decisions and was a fiscal conservative, but now she was desperate for financial solutions. Walking away seemed reckless, as there would still be liens and judgments. Luckily, I did have an answer for her dilemma. By coincidence, I had met a man a few days before who was in business of offering alternatives to foreclosure and bankruptcy. His answer is called Short Selling. Thats right, just like the stock market, he replied to my questions Its also a chance for you to get your share of the bailout money, he explained, using his index finger to try to drive the point across. At no cost to the borrower, his firm of Professional Negotiators would get the best deal from all the Lien Holders, who also paid his fee. The beauty of this result was that the borrower could lease a different property for lower terms. The reduced living expense would allow him or her to buy down existing debt while saving for a down payment on a conventional mortgage a few years in the future. The main idea is to avoid foreclosure which will cause a precipitous decline in your ability to borrow or get credit for ten or more years. If you are out of work or out of money you may miss mortgage payments while the short sale transpires, but after finalization your mortgage will be satisfied and your credit rating will immediately rise. Short Sales allows a borrower to sell a home or investment property for a sales price less than the amount owed to their lender, giving the borrower relief from possible future legal actions and judgments. It lets the lender get the highest price for a quick sale at a market price if they agree to the sale. In order for this to take place the lender(s) must accept a discounted payoff meaning the bank(s) get paid less than the full loan amount owed but much more than they get in a foreclosure. In a short sale, the homeowners get complete relief from all of their mortgage debt. In any case, before a person considers foreclosure, bankruptcy, or Short Sales, they should contact an Attorney. http://www.dr-real-estate.com/Banks_Suck.html http://www.sellersrealtygroup.com/short-sales.htm
Article Source: http://www.bharatbhasha.net Article Url: http://www.bharatbhasha.net/real-estate.php/212495 Article Added on Monday, February 8, 2010 | ||||||||
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