Comments on: Should I short sell, rent, or foreclose? http://www.sellmyproperty.me.uk/rent-property/should-i-short-sell-rent-or-foreclose.my We buy your property fast! Sun, 25 Jul 2010 20:51:33 +0000 http://wordpress.org/?v=2.8.6 hourly 1 By: Jackie R http://www.sellmyproperty.me.uk/rent-property/should-i-short-sell-rent-or-foreclose.my/comment-page-1#comment-1335 Jackie R Sun, 14 Mar 2010 23:48:30 +0000 http://www.sellmyproperty.me.uk/rent-property/should-i-short-sell-rent-or-foreclose.my#comment-1335 In my opinion, short sale. My husband got a job out of state for work and basically same situation. We owed $250K but could only sell for $156K. Yeah nice! We contacted a short sale agent through a well know company, remax. Basically, it was a long process, but worth it. If you foreclosure, the mortgage company can come after you for the negative balance. If you short sale, it is agreed upon that the debt is free and clear. Some mortgage companies require you to pay a small percentage back. Ours did and they changed their minds. With the short sale you can buy another home in a matter of time depending on how your credit gets impacted by it. If you foreclosure, you have to wait 3 years to purchase again. If you short sale it shows up as settled debt. Now on my house, we went into foreclosure because our mortgage company would not accept any offers until or payments were past due. The house went to sheriff sale and we redeemed our property within 1 week so it went on our credit as short sale. Good luck to you! It is a long process but as long as you stay on top of your agent and mortgage company with offers and paperwork, you will get to closing. Also as long as you sell by end of 2009, you may still qualify for the mortgage forgiveness act which allows you to not have to claim the lost money as income. If this law wasn't in place, we would have had to pay $20,000. Thank you Bush! In my opinion, short sale. My husband got a job out of state for work and basically same situation. We owed $250K but could only sell for $156K. Yeah nice! We contacted a short sale agent through a well know company, remax. Basically, it was a long process, but worth it. If you foreclosure, the mortgage company can come after you for the negative balance. If you short sale, it is agreed upon that the debt is free and clear. Some mortgage companies require you to pay a small percentage back. Ours did and they changed their minds. With the short sale you can buy another home in a matter of time depending on how your credit gets impacted by it. If you foreclosure, you have to wait 3 years to purchase again.
If you short sale it shows up as settled debt. Now on my house, we went into foreclosure because our mortgage company would not accept any offers until or payments were past due. The house went to sheriff sale and we redeemed our property within 1 week so it went on our credit as short sale. Good luck to you! It is a long process but as long as you stay on top of your agent and mortgage company with offers and paperwork, you will get to closing.
Also as long as you sell by end of 2009, you may still qualify for the mortgage forgiveness act which allows you to not have to claim the lost money as income. If this law wasn’t in place, we would have had to pay $20,000. Thank you Bush!

]]> By: shirt http://www.sellmyproperty.me.uk/rent-property/should-i-short-sell-rent-or-foreclose.my/comment-page-1#comment-1334 shirt Sat, 13 Mar 2010 09:59:47 +0000 http://www.sellmyproperty.me.uk/rent-property/should-i-short-sell-rent-or-foreclose.my#comment-1334 Het klinkt het goedkoopst enkel om te blijven waar u zich en niet bewegen bent. Vind uit een baan op uw gebied, berijd de golf en probeer om de termijnen met uw bank opnieuw te bespreken. Im in een bovenkant - onderaan niet zeker huis, wat met het te doen. De banken zullen de termijnen en de lengte opnieuw bespreken maar dat is over het. Het klinkt het goedkoopst enkel om te blijven waar u zich en niet bewegen bent. Vind uit een baan op uw gebied, berijd de golf en probeer om de termijnen met uw bank opnieuw te bespreken.

Im in een bovenkant – onderaan niet zeker huis, wat met het te doen. De banken zullen de termijnen en de lengte opnieuw bespreken maar dat is over het.

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