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Angel Lynn

Frequently asked Short Sale Questions

Frequently asked Questions? Why should I do a short sale? If you want to stay in your home I would try to do a loan modification 1st. Hud.gov has wonderful information on what type of options that are currently available. A short sale is a responsible way to walk away from your home. Many people think that if they walk away and foreclose the banks can not come after them. This information is incorrect. Typically the second lien holder(assuming you have a second) will put a judgment against you for the deficiency of the second loan. The judgment will typically be for the entire second loan. If you do a short sale it gives you an opportunity to negotiate with the second lien holder to eliminate or pay a portion of the second. Many times the new buyer will pay off the second. How much does a short sale cost? Short sales typically don't cost the seller anything at all. Commissions and closing costs are paid by the bank. The only time the seller will have to come in with money, is if the second lien holder is requesting the seller to pay a note (most banks won’t not do this). How long does a short sale take? Typically a short sale can take any where from 45 days to 6 months. Can I do my own short sale? Yes, you can do your own short sale or a loan modification. Does my credit get affected if I do a short sale? Yes, your credit will get affected but I have seen clients credit after a year make it back up into the 700 range.

Angel Lynn™ - My Sacramento Real Estate Agent, Foreclosure & Short Sale Specialist

Friday, September 4, 2009

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