The dream of homeownership doesn’t have to end when you sell your home through a short sale. Underwater homeowners, who sell their homes for less than what they owe, can qualify for a home loan.
RELATED TERMS. Short Sale A short sale is the sale of an asset or stock unowned by the. Short Interest Short interest, an indicator of market sentiment, is the amount. weak shorts weak shorts refer to traders or investors who hold a short position. Rebate A rebate in a short-sale transaction is the portion of interest.
· Then you are stuck with this BS scam whose sole purpose was to steal your home in the first place and NOT help you, just to find out how much they can make on your home when they sell it in a short sale or Sheriff’s foreclosure.
Why a short sale can be beneficial. If a borrower misses making mortgage payments for three to six months and is served with a notice of default, to prevent foreclosure the borrower can try to.
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If you’ve lost your home through a short sale and want to get another mortgage loan, you might be wondering how long you’ll have to wait. Your credit will take a hit after a short sale, although possibly not as much as it would if you had lost your home through foreclosure.Nevertheless, a short sale will likely prevent you from getting another mortgage right away.
Buying a home in a short sale can be a hassle, so why should you consider it? Mainly, it boils down to the bottom line. You will get the property for a substantial discount.
The short sale process can present many hurdles, making it difficult to finance the purchase of a home. A buyer with serious credit problems faces a particularly daunting challenge when seeking short sale financing. In a short sale, the homeowner requests that his lender allow a sale for less than the mortgage debt.
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Saving for your first place is an exciting feat. It requires budgeting and an understading of the bills that come into play when you live on your own.