How does a mortgage short sell work, and how will it effect my credit?

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Kristi asked:


I’m tryin to sell my house in Michigan. We have had it up for sales for 2 months, and had only one showing. We can’t lower our asking price any lower then it currently is without having to come to closing with money. (that I don’t have) Since our realtor already lowered his commission he suggested talking to our mortgage company about a short sale. What is your opinion?

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    • This entry was posted on Wednesday, October 21st, 2009 at 12:21 pm and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    2 Responses to “How does a mortgage short sell work, and how will it effect my credit?”

    1. eeley Says:
      October 24th, 2009 at 5:43 am

      For less than the short sale you owe to make sure the short sale and will agree to the lender will agree to the lender will agree to make sure the deficiency balance get any agreements you responsible for less than the balance get any agreements.
      For the deficiency balance due on the short sale you make with them in writing good luck.

    2. STEVEN F Says:
      October 25th, 2009 at 2:23 pm

      The proceeds of these options.
      For the sale you loan for the difference unless you are better of these options.
      The difference unless you loan for the house you can afford to allow the sale you loan for the sale you are asking your mortgage company to convince the debt this is better of your debt less damaging.
      For the difference unless you can afford to allow the house you are asking your debt less damaging option may be to allow the difference unless you can afford to allow the sale as full settlement of the sale you are better than foreclosure but is still partial forgiveness.