Blog Archives

What is a Short Sale?

I’m going to make this a two part blog.  First, I’ll explain what a short sale is and how the process works.  Then, next week, I’ll tell you about possible ramifications and other parties involved.  A short sale is a sale in which the proceeds from selling the property is less than the balance of debts secured by liens (mortgages) against the property and the property owner cannot afford to repay the liens’ full amounts. The lien holders then agree to release their lien on the real estate and accept less than the amount owed on the debt.  Read the rest of this entry

Why are homeowners in foreclosure staying put?

More lenders are allowing homeowners in default to stay in their homes longer.  Some are even negotiating special arrangements with them, such as the lender paying the home insurance if the homeowner pays the utility costs.  Surprising, right?!  Why the postponement? Banks simply don’t want the cost of maintaining more homes on their books anymore. Read the rest of this entry