Re: Dont know what to do? Short Sale

Posted by Charlie on June 22, 2007 at 16:51:00:

In Reply to: Re: Dont know what to do? Short Sale posted by steele in minnesota on June 22, 2007 at 10:28:02:

Yes, I agree with Steele. Unfortunately in my case it was not an option I was able to use, but it is a GOOD thing to try for.

Lenders want to make money...they don't want to own property. Like Steele said, oftentimes they will lose MORE money by foreclosing, especially because of the rather lengthy process in some states like here in MN. Instead, they could accept a reasonably smaller amount, and that's what a Short Sale is.

Try that first. A last resort is often something called "Deed in lieu." What that means is that sometimes if no other options remain, the lender will allow you to basically "give back" the house instead of "taking" it back through foreclosure, and thus it is not as damaging to your credit.

WHATEVER YOU DO, do not make the mistake that I did. I just walked away. Of course, at the time, I really wasn't finding anyone that was able to offer me solutions that I have since been enlightened about, like Short Sale and Deed in Lieu. Now my home is foreclosed and some of my possessions are possibly gone, with my credit score plummeting from 785 to 536 to add insult to injury!

Listen to Steele, he has given me good advice.

Follow Ups:


Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments: