Short Sale Info

Related to short sales, short payoffs, short refinance

Latest news related only to foreclosures and trashouts

Is a Short Sale Right for You??

Short Sale: A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.

06/30/2010 - Study: Short sales favored over bank seizures - That means banks are getting better at selling properties before they take possession, and buyers are becoming more comfortable with waiting for the short sale process to close, experts say. Properties seized by banks in Southwest Florida, for example, were selling at 30 to 50 percent discounts to properties sold by buyers who are not in financial distress. - www.cnn.com

03/29/2010 - Don't foreclose! Do a short sale - "Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network, which connects short sellers with buyers. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales." - www.cnn.com

01/21/2010 - New rules designed to speed up short sales. - Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers. - www.sun-sentinel.com

01/14/2010 - New rules designed to speed up short sales - Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers. The rules from the U.S. Treasury, which also allow financial incentives for both sellers and lenders, could figure prominently in Florida's housing market, where about one in every five - www.miamiherald.com

11/12/2009 - The new flipping: short sales - These flippers target houses on the verge of foreclosure and persuade banks and mortgage companies to accept lowball buyouts, sometimes by using questionable appraisals and not disclosing that a quick sale at a higher price has already been arranged, experts say. - www.heraldtribune.com

09/27/2009 - Considering a short sale? Get ready for long haul - TShort sales are anything but short. Buyers and sellers often get so fed up with the protracted process that it's not unusual for the deals to simply die. - www.orlandosentinel.com

09/27/2009 - Short sales spread across real estate market, leaving frustration in their wake - The practice, which involves selling a property for less than the amount owed on the mortgage, has grown in popularity as an exit strategy for financially strapped homeowners because it doesn't ding a credit report as deeply as a foreclosure. - www.miamiherald.com

08/22/2009 - Mortgage Fraud News: July 2009 - Fannie Mae has become aware of a new variant of property flipping involving preforeclosure (short) sales. - www.trashoutpro.com

08/22/2009 - Short Sale Fraud Information - Often "real estate investors" want to take advantage of this process by jumping in and trying to get a slice of the homes equity by negotiating a short sale on behalf of the seller... this is where the problem starts. - www.trashoutpro.com

08/22/2009 - Short Sale Fraud Forum - This is known as a "fraudulent transfer", and in Florida the long arm of the civil law can look back-I think under certain conditions up to 4 years - www.therealestatenatural.com

08/15/2009 - short sales, short payoffs, short refinance - Short payoff is a transaction in which the lender agrees to retire the outstanding secured debt for less than the full amount of what it is owed. - pre-foreclosure-real-estate.blogspot.com/

08/15/2009 - Short Sale vs. Short Payoff...What is the Difference? - For our purposes, we are defining a short payoff (or short pay) as a transaction in which the lender agrees to retire the outstanding secured debt for less than the full amount of what it is owed. The lender may accept a one time cash payment and/or the lender may accept a new unsecured note. - www.daytonohiorealestateandmortgages.com