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A short sale is when your mortgage lender allows you to sell your property for an amount less than what you currently owe. For example: If the unpaid balance of a loan is, say, $400,000 and a property’s “fair market value” is now $250,000, under a short sale the lender might accept $250,000 as payment
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29April
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Wondering if you should simply “walk away” and let the property foreclose vs. sell your property as a short sale? This is a question many homeowners ask. Foreclosure is not a good option and can have severe consequences, including deficiency judgments to pay back your lender (and even your mortgage insurer) for the remaining balance,
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29April
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NEGATIVE EQUITY, often referred to as “UNDERWATER” or “UPSIDE DOWN,” means that you owe more on your mortgage than your home is worth. Negative equity can occur because of a decline in property value, an increase in mortgage debt or a combination of both.
