Tuesday, July 20, 2010
Generally speaking, a seller must be in arrears with their loan, however a lender may consider a short sale based on the financial hardship of the seller. Always confirm the requirements with the lender.
A short sale has tax, financial and legal implications which may be best understood by consulting with an attorney specializing in this area. If you find yourself facing this dilemma, please call us today to discuss your options.
Monday, July 12, 2010
What is a Deed-In-Lieu? For persons facing foreclosure of their property, a Deed-In-Lieu of foreclosure is a disposition option in which a mortgagor (property owner) voluntarily deeds collateral property (homeowners house for instance) in exchange for a release from ALL obligations under the mortgage.
Want to know more on this subject? click here for Frequently Asked Questions (FAQ) on the U.S. Department of Housing and Urban Development (HUD) website.