After the housing crisis that began in 2007, jobs went away, household incomes went down, property values went down, and many homeowners became financially unable to stay in their homes. As homeowners became unable to pay back their mortgages, they often owed more on their mortgage than their home was worth. They were “underwater.”
How does the Bank of America short sale process work? Each lender is slightly different when it comes to how they handle short sales, so in this article, we’re going to lay out what you need to know, have, and expect when trying to negotiate your short sale with BofA.
If you’re looking at doing a short sale on your home, you’re probably wondering, can I get a mortgage after a short sale?
(Part 5 of 5)
We’ve been talking about short sales in a series of posts on this blog. Short sales often go smoothly, but in many cases they can be very complicated. This final article in our series takes on some of the questions we get.
Post 4 of 5
We’ve been posting a series of articles all about short sales. A short sale is how you may be able to sell your home and prevent foreclosure even if you owe more than your home is worth. In the process, you may be able to get thousands of dollars of debt forgiven.
(Post 3 of 5)
This is continuation of our series of articles on short sales. We’ve talked about what a short sale is and how having an FHA loan impacts the normal negotiation process.
(Post 2 of 5)
We’re writing a series of articles on short sales. We wrote our first article about what a short sale is and the typical process for making a short sale. In this post we’ll discuss a common exception to the usual short sale process—when the seller has an FHA loan.
If you have come to the point where you can no longer afford to make your mortgage payments, you’re probably thinking about selling your home. This can be a tough decision. But if you believe your lender may start foreclosing, selling may be your best option.
In light of recent announcements of local job cuts, Ark Law Group is inviting Boeing employees who may have trouble making mortgage payments, or who are at risk of foreclosure, to apply for pro bono legal counsel.
Anyone who is struggling to make their mortgage payment is probably going to try to find extra money from anywhere they can.
If you’re a real estate agent who is new to short sales, you may not have come across the Equator Short Sale system yet. As you get more short sales, you almost certainly will become familiar with Equator. The system is used (and required) by Bank of America, Nationstar, Chase, Ocwen, Carrington Mortgage Services and others.
The short sale of an underwater home can be an amazing gift to a homeowner in difficult financial circumstances. While the relief is enormous, it’s still important that sellers and buyers know exactly what they are getting into when signing documents.