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  • Will You Add? - Short Sales An Answer For Tough Times

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    t’s a resignation on the part of the lender that this is the best it will get. Banks do not want to
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    What is a Short Sale?

    A short sale in the mortgage world amounts to a lender agreeing to accept a pay off less than the original mortgage. For example, if your mortgage was $200,000 and all your property would bring in todays market was $160,000, a lender may agree to accept the lesser amount to clear the debt. That amounts to a forgiveness of $40,000.

    Why Would a Bank Say Yes?

    It’s a resignation on the part of the lender that this is the best it will get. Banks do not want to

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    t a pay off less than the original mortgage. For example, if your mortgage was $200,000 and all your property would bring in todays market was $160,000, a lender may agree to accept the lesser amount to clear the debt. That amounts to a forgiveness of $40,000.

    Why Would a Bank Say Yes?

    It’s a resignation on the part of the lender that this is the best it will get. Banks do not want to

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    property would bring in todays market was $160,000, a lender may agree to accept the lesser amount to clear the debt. That amounts to a forgiveness of $40,000.

    Why Would a Bank Say Yes?

    It’s a resignation on the part of the lender that this is the best it will get. Banks do not want to

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    to clear the debt. That amounts to a forgiveness of $40,000.

    Why Would a Bank Say Yes?

    It’s a resignation on the part of the lender that this is the best it will get. Banks do not want to

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    t’s a resignation on the part of the lender that this is the best it will get. Banks do not want to foreclose and they do not want to take the property (known as a deed in lieu of foreclosure). They are not in the property management business and foreclosure look bad on the books. It may even affect their ability to borrow if the lenders have too many foreclosures on the books, its not a stretch to wonder whether they have been prudent lenders.

    Its not a Get Out of Jail Free Card

    The

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