is shortsale benifits homeowners ?if yes wat are the ADVATAGES OF A SHORTSALEOVERLOANMODIFICATION
Comments
affshar
said at
7:15 AM Nov 13th, 2009
Short Sale benefits both the Homeowner and the Mortgage Lender, because with a short sale, instead of a foreclosure, you are fixing the problem for yourself and for the Mortgage Lender. The Mortgage Lender may take a loss, but at least they get out of a non-performing loan and so does the homeowner.
donaldfred
said at
3:29 AM Nov 14th, 2009
In a short sale, the house is sold for less than is owed to the bank. The bank has to agree to the amount it is sold for. Then the homeowner no longer has the house.
A loan modification is when the bank agrees to modify the terms of the loan, lower the rate most likely, to make the home more affordable for the homeowner. The homeowner keeps the home and makes lower payments.
Comments
Short Sale benefits both the Homeowner and the Mortgage Lender, because with a short sale, instead of a foreclosure, you are fixing the problem for yourself and for the Mortgage Lender. The Mortgage Lender may take a loss, but at least they get out of a non-performing loan and so does the homeowner.
In a short sale, the house is sold for less than is owed to the bank. The bank has to agree to the amount it is sold for. Then the homeowner no longer has the house.
A loan modification is when the bank agrees to modify the terms of the loan, lower the rate most likely, to make the home more affordable for the homeowner. The homeowner keeps the home and makes lower payments.