Short sales, despite the name, have always taken a long time to process. That’s because the short in short sale refers to a shortage of money and not time. Buying a house via short sale allows a homeowner to sell their property for less than what’s owed on the mortgage, with the lender’s approval.
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If you need to sell your home but find that you owe more on your mortgage than the current estimated market value of your property, a short sale may be the best solution.. A loan modification is a.
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I am looking to purchase a short sale in Brooklyn. Possible or not? Is buying a short sale home really as bad as realtors try to make it out to be? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
The reason is because a home mortgage short sale after filing chapter 7 bankruptcy rarely makes sense. When I ask clients why they want to short sale their house after filing bankruptcy, the response I usually get back makes clear that the debtor does not fully understand the ramifications of their bankruptcy filing and the relief it afforded.
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