- Find a Real Estate Professional
- Alabama Realtors®
- Alabama Mortgage Lenders
- Alabama Home Improvement Pros
- Alabama Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- More
Answers (4)
- Michael DiGiovanni, "Michael DiGiovanni"
- Contributions:69
As Wetdawgs says, Find out if your area has deficiency judgments. where that can come at you for the difference the bank takes a loss on.
- wetdawgs
- Contributions:26854
There are a number of qualifications for a short sale, and if you don't meet those qualifications you will owe the difference between selling price and your mortgage.
One of the qualifications is hardship so you are less able to pay: have you lost your job or had your income reduced? A child going to college is not considered a hardship.
One of the qualifications is hardship so you are less able to pay: have you lost your job or had your income reduced? A child going to college is not considered a hardship.
- Michael Emery, "MikeEmery"
- Contributions:7298
If you expect to short sale your home, expect to not be able to buy a new home for at least two years and - if you fall under the watchful thumb of Fannie Mae - it could be 7 years before you could buy a home again.
A short sale is for those folks who truly are in a financial bind and not just because a home is worth less than the day is was bought.
A short sale is for those folks who truly are in a financial bind and not just because a home is worth less than the day is was bought.
- Michael DiGiovanni, "Michael DiGiovanni"
- Contributions:69
How much is your home worth? Always try and start with a loan modification through you lender. New legislation has been brought to light, that you do not have to be behind on you loan to get a modification. If your debt to income shows that you will not be able to afford the payment once the loan adjusts, assuming you have an adjustable loan.
Consult your lender with the facts right away. Is family a possibility to help out?
It all depends, if you are 10-20-30 or more percent underwater, This will determine your exit strategy. If you are not that underwater. It might be worth to ride out the storm. Owner financing could be a possabilty, the lease option is great, because you still hold the deed, and that provides a tax shelter. This can only work if you can move in with family r friends to get your self back on your feet.
Still talk to your financial professional to better advice!
Consult your lender with the facts right away. Is family a possibility to help out?
It all depends, if you are 10-20-30 or more percent underwater, This will determine your exit strategy. If you are not that underwater. It might be worth to ride out the storm. Owner financing could be a possabilty, the lease option is great, because you still hold the deed, and that provides a tax shelter. This can only work if you can move in with family r friends to get your self back on your feet.
Still talk to your financial professional to better advice!
when is a shortsale the answer?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.