A short sale is when a lender allows you to sell your property for less than what is actually owed on your mortgage.
Example. Say you owe $120,000 on your home. You call the bank and ask them for help and ask them if you can sell your home for less that what you owe on your home. A buyer offers you $100,000 for your home, the bank accepts the offer and you sell your home for $100,000. The bank may forgive the $20,000 that you owe them or may come after you for the remaining $20,000.
Monday, July 28, 2008
New Help for Homeowners, Congress Passes Bill for Mortgage Relief
Congress passes a bill to provide mortgage relief to prevent foreclosures. The bill focuses on helping help to struggling homeowners and stabilize a troubled housing market. This program will help debt strapped homeowners get more affordable mortgages .
The federal government wants to prevent foreclosures and will be offering FHA insured loans to homeowners to refinance their debt if certain conditions are met.
The federal government wants to prevent foreclosures and will be offering FHA insured loans to homeowners to refinance their debt if certain conditions are met.
- Banks would have to agree to take a large loss on existing loans in exchange for avoiding often costly foreclosure.
- Home owners would have to prove that they will be able to afford these new mortgages.
Labels:
FHA,
Forclosure,
IRS
Thursday, July 24, 2008
New Site Helps Prevent Forclosure
If you have some equity left in your home and just want out. Buy My House Before the Bank Takes It has been designed to help home owners sell their homes and avoid foreclosure. To view deals on real estate, go to http://www.buymyhousebeforethebanktakesit.com/.
Labels:
Deals on Real Estate,
Forclosure
BuyMyHouseBeforeTheBankTakesIt.com
First listing has been posted on http://www.BuyMyHouseBeforeTheBankTakesIt.com, lets see how the market responds to this listing.
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