Tips on How to Write a Short Sale Hardship Letter
July 30, 2009 by admin
A letter of hardship is a statement written by a debtor that main goal is to convince a bank or mortgage institution to agree to a short sale of an asset or property. A short sale is the sale of an asset or property for less than the value of mortgage or loan. This sale is a settlement between the debtor and the financial institution that allows the bank to recoup some financial losses associated with bad or defaulted loans. A short sale also allows the debtor to avoid imminent foreclosure. In order to apply for these short sales, the debtor must convince the banking institution of his or her inability to repay the loan or debt. This statement is often made in a letter of hardship.
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What Happens to the Homeowner’s Finances After a Short Sale?
July 24, 2009 by admin
When you are negotiating a short sale or note purchase through the bank on a defaulted property it’s easy to overlook the possibility of a mortgage judgment being filed against the homeowner after the sale. It can be common practice for a bank to file a judgment against homeowners fro the remainder of a mortgage after a property has been sold for less than its mortgage.
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Navigating A Short Sale
July 23, 2009 by admin
A short sale represents a great opportunity for a homeowner who owes more than their home is worth. Ideally, it gives them a chance to sell their home without owing the difference to their lender. As home values continue to decline, short sales have become one of the most viable solutions for millions of underwater homeowners who are facing foreclosure. Unfortunately, it is very difficult to successfully negotiate a short sale with most lenders today.
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Short Sale Investing Illegal?
July 8, 2009 by admin
How is legality determined? Laws are decided by man to determine "legal" and "illegal", the same men who are getting kickbacks from large companies like lending institutions, who lobbied for the reduced regulation in the lending industry. That same regulation has allowed banks to dictate the short sale process and as such don't allow investors to be paid a fee at closing for working with a homeowner in foreclosure, negotiating a short sale, finding a qualified buyer and keeping everything from falling apart.
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