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what will happen in a shortsale to the home owner

  • August 04 2010 - Budd Lake
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Answers (4)

The best place to go for your short sale answers is

www.makinghomesaffordable.gov

Or

www.youwalkaway.com

  • September 29 2010
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In my experience I have had sellers walk away from their homes and have owed nothing to the bank. Banks are supposed to cooperate with short sales to decrease the foreclosure rate. As long as the sale price is of market value, I find the banks are accepting short sales.
  • September 29 2010
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Zuleyha1, you should also have a lawyer for your protection. Regards,
  • August 04 2010
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A homeowner that short sells a home will be unable to buy another home for a minimum of two years (if not more).

They may also owe to their lender the difference between the sale price and the mortgage - unless that is negotiated with their lender.

And in some situations, they may be liable for capital gains on the money that is forgiven by the bank.

If you have a more specific question, please repost your question.
  • August 04 2010
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