Short Selling Your Home in the Outer Banks
Posted by Mike Bishal on
Considering a Short Sale for Your Outer Banks Home…
Many homeowners are faced with the possibility of owing more on their mortgage than their home is worth in today's current real estate market.
In an attempt to avoid foreclosures, banks may take less than the balance of the payoff when selling your home.
There are many items to consider when taking this direction.
~ You will want to find out what will happen to the balance of the payoff and have the explanation in writing. A deficiency judgment can be obtained for the balance which may be pursued at a later date if this is not documented.
~ This will affect your credit and the ability to buy in the near future.
~ Have you exhausted other alternatives to the short sale situation? Speak with your lender and…
1729 Views, 0 Comments