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Why Would a Lender Do a Short Sale?
There are many ways to
lose a home but signing away ownership in a manner that
destroys credit, embarrasses the family and strips an
owner of dignity is one of the hardest.
For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." The Big Benefit The affect of a short sale on a seller's credit report is much less damaging. The ding on credit will show up as a pre-foreclosure in redemption status, which will result in a loss of 80 to 100 points in most cases. This means a short sale with a previous FICO of 700 will see it fall to 620 to 600. The good news is that you can make some of this back up by reducing your credit card dept by 50% allowing you to buy a home in the future per: Fannie Mae guidelines that just require 24 months' seasoning, after a short sale.
We will show you how get
your score back up! Now! Not all
lenders will accept
your short sales or discounted payoffs,
especially if it would make more financial sense to
foreclose; moreover, not all sellers nor all properties
qualify for short sales.
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Short Sale
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