Posts Tagged ‘getting a loan after foreclosure’

Short Sales vs. Foreclosures

As the foreclosure crisis continues largely unabated by the Making Home Affordable program, we are now seeing a push from the government for servicers and lenders to consider short sales. A short sale is where the property is sold for less than the balance of the mortgage note.

Pushing short sales is not an acceptable answer to the foreclosure crisis. No amount of coercing from the government, absent the force of law,  will get mortgage servicers to accept the kind of offers  a homeowner is likely to receive, especially in areas where home values have plummeted over 20%. 

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