Posted on: 01st May, 2009 06:01 pm
I'm thinking about short-sellinng my house. A realtor said he will do it for $1500 and will discount me $750 (so i pay $750). Is this a fair market price?
My understanding about short-sale is if started a short-sale, I will have to keep paying my mortgage as well as HOA fee until someone buy my home. Am I right?
My understanding about short-sale is if started a short-sale, I will have to keep paying my mortgage as well as HOA fee until someone buy my home. Am I right?
Thanks for the suggestion, Jerry. No she is not on my mortgage. Loan mod wouldn't lower my loan amount anyway, am I right?
Hi George, I'm in Arizona (Gilbert)... yea I know...
Hi
$167, you're correct in saying that the loan modification will not lower the principal amount of your loan. But it can reduce the interest rate upto 2%, thereby reducing your monthly payments by a considerable margin.
$167, you're correct in saying that the loan modification will not lower the principal amount of your loan. But it can reduce the interest rate upto 2%, thereby reducing your monthly payments by a considerable margin.
Hi savior70,
Really? Would that works even I don't have a job right now? Thanks.
Really? Would that works even I don't have a job right now? Thanks.
Hi $167,
Your lender would not be willing to modify your loan if you do not have any job at present. The modification will reduce your monthly payments, but you will still have to make a certain amount of payments every month to pay off the debt. If the lender is not sure whether you will be able to afford those reduced payments, they will not modify your loan.
Your lender would not be willing to modify your loan if you do not have any job at present. The modification will reduce your monthly payments, but you will still have to make a certain amount of payments every month to pay off the debt. If the lender is not sure whether you will be able to afford those reduced payments, they will not modify your loan.
my house is in a short sale right now and my realtor wants me to sign a promesnary note to the mortage ins. company for $15,000 . i have been paying $218 a month ins. just for situations like this with my mortage company so im not sure what to do.
Hi andrews, what state are you in? and what types of loan did you have before short selling?
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