When you are unable to make your mortgage payments, the bank may agree to a short sale, which is a sale of your home that doesn't cover the outstanding balance on your mortgage. After a short sale,…
In a deflated housing bubble, prospective home buyers may be attracted to a property listed as a "short sale," a process in which the bank agrees to accept less than the full mortgaged…
The number of people with mortgages who sold their homes through short-sale proceedings increased after the housing bubble burst in 2008. An increasing number of large national lenders have…
Short sales accounted for 12 percent of home sales in a August 2011 RealtyTrac survey, according to an August 2011 article in USA Today. Negotiating a short sale is a long and difficult process, which…
Anytime you're unable to make your current mortgage payments, you'll suffer a credit-related consequence. For many who find themselves in this predicament, two options arise: short sale or…
When looking for your next home, you have many details to consider: Location, number of bedrooms and square footage are all important factors. If one of the places you look at has a carport rather…
Short sales try the patience of buyers and sellers alike. Although short sales require lender approval, the lender rarely gives it until a significant amount of time has passed -- weeks, if not…
Though it is easy to become an owner of a timeshare, it is often quite difficult to get rid of one. Because you normally are under a legal contract to pay fees and other maintenance costs, you cannot…
You can often buy a short sale property at a price lower than the prevailing market price, but the purchase process carries some challenges. In a short sale, the distressed seller negotiates with the…
Buying a condo with a friend is sometimes a wise decision. It allows buddies to share more space and amenities than an apartment may provide and is usually less expensive than buying a house or condo…
Foreclosure is a mortgage lender's contractual right to take a borrower's property if the borrower does not repay the mortgage loan. Foreclosure is a contract right governed by state law. A short…
If you find yourself in a situation in which you are unable to pay your monthly mortgage payments, you may be faced with the possibility of your lender initiating foreclosure proceedings against you…
A homeowner may file for bankruptcy to save his home from foreclosure and negate the need for a short sale. Depending on the circumstances, he may be able to work out his financial situation in a…
A short sale occurs when the lender on a mortgage loan agrees to accept less than the amount owed on the loan. This often occurs when the value of the home is less than the balance due on the…
When comparing the pros and cons of selling your condominium instead of renting it out, factors to consider include your motivation, financial portfolio and the property’s current use. If the…
When purchasing a short-sale property, the transaction is similar to other real estate purchases, yet the initial offer process tends to take longer. This is because lien holders on the property must…
In a short sale, the property owner sells the real estate for less than the amount needed to pay off all the debts against the property. Short sales typically occur when property values drop and the…
When you realize that you cannot afford your home, its time to start doing damage control to preserve your credit rating, but there is little you can do to keep a high rating. Choosing between a short…
If you own a rental and use a real estate agent to manage the property, it typically costs you a commission based upon a percentage amount of the rent. Normally, this applies only to the months when…
A residential sales contract is an offer to purchase residential property. The buyer completes the contract and submits the offer to the seller. In a short sale, the current property owner is the…
It often comes as a surprise to homeowners that foreclosure can result in tax liability. Foreclosure is the process whereby a lender takes possession of your house to satisfy a delinquent debt. Tax…
While a licensed real estate agent can form a real estate company, her new company will need a broker if she isn’t one herself. Each state has its own real estate department, which licenses and…
Drastic forms of debt relief -- particularly bankruptcy -- often present hard questions for debtors. Often, debtors worry about what they must give up in return for debt relief. The answer depends on…
If you paid interest on a mortgage for your main home or a second home during the year, you probably are eligible for a tax deduction when you file. Taking the mortgage interest deduction helps you…
When you fall behind on your mortgage payments, your mortgage lender will typically contact you in an effort to resolve your delinquency. If you do not work with your lender to bring your account…
The ability to buy a second home is usually a privilege available to homeowners with sufficient income and impeccable credit. Even if you do qualify, it is wise to first explore the advantages and…