Strategy for Deciding to Pass on a Short...
Ed exemplifies the strategic approach to short sales. Ed bought an apartment in a popular city five years ago when he was earning $350,000 a year in the finance industry. Recently, however, his property value decreased substantially and so did his salary. Although the bank was willing to approve a short sale, Ed began to reconsider the decision. His credit scores were already...Low Credit Scores and Short Sales...
The choice to have a deficiency balance waived in a Short Sale is clearly the better of the two options for the seller, but there is no guarantee that this will happen. In fact, there is no guarantee that a lender will even approve a short sale. There are many factors to be considered, including the value of the house, the price being offered by the buyer, and the financial...First Example of a Short Sale...
June and Bob Lansan bought a summer home in Florida six years ago for $350,000 with the intention of retiring there. The mortgage they hold is for $275,000 and the current value of the property is $150,000. The bank has agreed to allow the purchase of this property at $150,000 which means the bank will receive the full $150,000 at closing towards the $275,000 mortgage that the couple...How Should a Decision to Apply for a Sh...
So many consumers wonder how short sales affect their credit, and if selling their home through a short sale is the best approach. There are many factors to be considered, including the value of the house, the price being offered by the buyer, and the financial condition of the seller. If a seller cannot show financial distress, or the buyer is offering much less than the value of...The Different Variations on a Short Sale...
There are two different types of short sales that can occur: A short sale without a deficiency balance, meaning that the amount left over that the buyers price didn’t cover on the original mortgage will be forgiven by the bank, and the seller will not have to pay it back to the lender. (There are tax consequences that should be discussed with a CPA or accountant.) A short sale...What is a Short Sale?...
A short sale is when a lender agrees to allow the sale of a property for less than the amount of the mortgage...Analysis of Mortgage Lates & New Fi...
Once you review the last 12 posts you can see that if a consumer has a very high 780 score the affect of mortgage late payments will be different than a consumer with a 680 credit score. The higher the credit score the longer it takes to recover. Evaluating this information along with the future goals of each individual can help consumer to come up with strategic plans for their...Recovery From a 90 Day Late Payment on a...
Fico recently revealed new information about mortgage late payments and affects on Fico Scores. If a consumer had about a 680 Fico score and experienced a ninety day late payment the score would drop down between a 600-620 and take 9 months to naturally recover. Of course we can help sooner For more on credit restoration, view North Shore Advisories website. North Shore Advisory offers...Recovery From 30 Day Mortgage Lates to a...
Fico recently revealed new information about mortgage late payments and affects on Fico Scores. If a consumer had about a 680 Fico score and experienced a thirty day late payment the score would drop down between a 600-620 and take 9 months to naturally recover. Of course we can help sooner For more on credit restoration, view North Shore Advisories website. North Shore Advisory offers...Recovery of a 720 Fico Score After a 90 ...
Fico recently revealed new information about mortgage late payments and affects on Fico Scores. If a consumer had about about a 720 Fico score and experienced a ninety day late payment the score would drop down between a 610-630 and take 3 years to naturally recover. Of course we can help sooner For more on credit restoration, view North Shore Advisories website. North Shore Advisory...About Tracy Becker
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