BOFA Did it again!!!! Short sale approved. Approval letter being worked on and I could not get it last Friday or this past Monday as I was told I would. Tuesday, Wednesday and even yesterday received…Continue
“NAMB does recognize and appreciates Wells Fargo’s strong support of mortgage brokers…Continue
Absolutely. YES!!! You will not be asked to move out until the closing. If your specialist is actively working with your bank, your lender will typically delay the foreclosure proceedings making it possible for you to stay in your home a little longer.
While lenders have become more lenient in recent times, there are typically three qualifications required for a short sale.
To settle for a foreclosure means accepting the damage to your credit a foreclosure would bring. It also means accepting the fact that in many states, the lender will seek a deficiency judgment in the amount that is owed. A short sale by itself will typically lower your credit score by 50-120 points, however the hardest hit on your credit will be from missed mortgage payments, not the short sale itself. Your credit will usually recover from a short sale in as little as two years, whereas a…Continue