Lenders Willing To Crack Short Sale Deals
http://www.nytimes.com/2009/05/17/realestate/17mort.html?ref=economy
Mortgage lenders are more open to short sale deals than they were before. So, if you have been thinking of foreclosure, consider a short sale instead. Unlike foreclosure, short sale will not affect your credit report. You get to pay off your debts by selling the property at market price. Even if the market price is less than the amount you owe to the lender, they will accept a short sale. It is also known as ‘offer in compromise’.
A shift in the attitude of lenders is what was needed to process short sale transactions. With mortgage executives co-operating on short sales, it is a good time to settle debts without leaving a mark on your credit score.
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