Quote:
Originally Posted by MRC123  Can somone help me understand why mortgage companies will take a short sale, but not write down our loan balances. Wouldn't it be less costly to just write down the principal of the loan and have the homeowner stay in the home rather than going the entire process of a short sale??? I don't get it.
Doesn't it end up being the same for them. They take the hit on the short sale. |
It would be cheaper in the long run but why would they want to fix a problem they created...?
The catch with a short sale is, is that you almost always need to remain current on the mortgage payments until it sells. If you do a short sale, make sure you have an experienced realtor who has handled short sales before. You have to be very patient with them also...you could get a buyer, but a lot of time the mortgage company draws out the process making it take 4-10 months to sell your house. I think in the "Proper way to walk away" thread there is a post from Faith who did a short sale and she told her exact situation and what it took. Do a search for short sale and you can get an idea of what others have done or gone through for a short sale.