Short Sale program flops

There has been lots of talk lately about short sale fraud.. For Main Street, the programs give unfortunate and honest homeowners relief.. If banks don't want to get short changed on a short sale flop, make it faster and easier.

First, realize that the HAFA short sale program prohibits resale or flip of any property you buy as a short sale for a certain time period. Even in a traditional short.

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Only about 3,000 Florida homeowners want to sell their houses in a short-sale program after Bank of America dangled cash payouts of $5,000 to $20,000 to avoid going into foreclosure. The bank had.

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Short Sale: A term that describes the sale of a property for an amount less than the unpaid mortgage.This happens when a borrower cannot afford to keep making mortgage payments and cannot pay the difference between the sale price and the unpaid mortgage.

There’s only one reason to buy a short sale home – to get a great deal. "Short sale" simply means the sales price is less than the balance of mortgage(s) owed against it Short sales can.

Buyers can get so tired of waiting for short sale approval that they might threaten to cancel if they don’t get an answer within a specified time period, but that’s self-defeating. It won’t speed up the short sale process. A short sale might not be the best option for buyers with little patience.

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It’s a new short-sale program that targets the walking wounded among borrowers emerging from the housing downturn – owners who owe far more on their mortgages than their current home value but have.

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