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What are the pros and cons for short sell the house?
Much less credit damage. Takes a while and a lot of hassle. And you go through all that and the bank turns you down.
Generally if you are an owner occupant and have a single mortgage or both mortgages with the same lender you have a reasonable chance that it will work out.
Does not cost you anything to try it though. Even if your not in an ideal situation.
Short sales may technically look better as far as saving your credit but keep in mind that every month you miss your mortgage payment, your credit rating is being affected. By the time most short sales close, you might have just as bad of a credit score as a foreclosure.
Besides, don’t you have to miss something like 6 mortgage payments before your bank will even allow you to present them a short sale?
Short sales may technically look better as far as saving your credit but keep in mind that every month you miss your mortgage payment, your credit rating is being affected. By the time most short sales close, you might have just as bad of a credit score as a foreclosure.
Besides, don’t you have to miss something like 6 mortgage payments before your bank will even allow you to present them a short sale?
Nope. Nothing keeps a bank from looking at a short sale without any missed payments. Have one like that going now. The seller however has made it clear he will make no more payments. But they appear to be dealing with it.
The banks get bailout. Some people had to short sales in order to avoid foreclosure. That's understandable. Yet the bank goes after them for the money they owe in the future. I think that is totally WRONG. Is there a way we can prevent the bank from coming at us for owe them in the future?
I don't understand why people believe the banks got "bailed out" and therefore everyone should get their loans forgiven.
The banks getting "bailed out" were merely loans, banks need to pay that back. The "bailing out" was to solve a cash flow issue to keep the banks from having to sell depreciated assets and creating a huge snowball effect.
Banks got a loan, that's it, they still have to pay it back. The govt didn't "bail out" banks in lieu of mortgage holders paying their mortgage.
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Short Sales is not a good thing...
