SHORT SALE ,REAL ESTATE,MORTGAGE, FORECLOSURE BLOG Another personal space of Larry Damiano
Tell me you experience with your lender about Modification or short Sale or ask related Real Estate ,Mortgage , Foreclosure questions , learn from others !
on Apr. 5 2011
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When parties go for a short sale, it poses the best economical solution for both parties, since the borrower would be able to have some sort of damage control on his credit rating while the lender will minimize the losses which he should be incurring. Of course, any agreement reached pursuant to a short sale only affects the loan balance and does not in any manner affect the remaining balance unless both parties provide otherwise. Nevertheless, the resort to a short sale is being resorted to because it is actually much more faster and less expensive than going through the flow of foreclosure proceedings which can admittedly drag for months or even years, not to mention the added costs and expenses. Though consenting to a short sale may inflict damage on one’s credit standing, it is manageable when a piece of property is about to be foreclosed. This is why both borrower and lender agree to this type of arrangement because aside from the fact that it is not that costly, the negative effects are cushioned and controlled. In this type of arrangement, neither party wins, and neither party loses.
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