http://www.pcbdaily.com/short-sales-we-get-by-with-a-little-help-from-our-friends Panama City Beach Information, news, and updates including Pier Park and the Panama City Airport Sat, 11 Feb 2012 17:41:11 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.pcbdaily.com/short-sales-we-get-by-with-a-little-help-from-our-friends#comment-20691 karen Smith Tue, 02 Feb 2010 13:16:38 +0000 http://pcbdaily.com/?p=6781#comment-20691 In regards to signing a note in a short sale that is NOT always true and if you do sign a note it is for a very small amount in relation to what you owe. That is why it is VITAL to consult a professional and not listen to the word on the street. Again, a short sale is a better option in MOST all cases for you as an individual and for your neighborhood. I do many short sales and the largest note to date that a homeowner has had to sign has been $20,000 with a 0% interest. If he had gone to foreclosure he would have had a possible 300,000 judgement. Typically a short sale will ding your credit for less points and for FAR less time than a foreclosure and again if you try the short sale and fail your are setting yourself up for a good case when you have to go before a judge. Keep in mind that all this is general information based on doing these deals all the time, it is still a great idea to consult an attorney if you have concerns and do make sure that you are working with a Realtor that has experience with Short sales. AS to credit cards I have not had ANYONE loose their credit cards. Please call your favorite Realtor and they will answer all those hard questions for you. Thanks so very much for your input!!! This is why I love doing this. In regards to signing a note in a short sale that is NOT always true and if you do sign a note it is for a very small amount in relation to what you owe. That is why it is VITAL to consult a professional and not listen to the word on the street. Again, a short sale is a better option in MOST all cases for you as an individual and for your neighborhood. I do many short sales and the largest note to date that a homeowner has had to sign has been $20,000 with a 0% interest. If he had gone to foreclosure he would have had a possible 300,000 judgement. Typically a short sale will ding your credit for less points and for FAR less time than a foreclosure and again if you try the short sale and fail your are setting yourself up for a good case when you have to go before a judge.
Keep in mind that all this is general information based on doing these deals all the time, it is still a great idea to consult an attorney if you have concerns and do make sure that you are working with a Realtor that has experience with Short sales.
AS to credit cards I have not had ANYONE loose their credit cards. Please call your favorite Realtor and they will answer all those hard questions for you. Thanks so very much for your input!!! This is why I love doing this.

]]> http://www.pcbdaily.com/short-sales-we-get-by-with-a-little-help-from-our-friends#comment-20667 pcb999 Fri, 29 Jan 2010 07:30:28 +0000 http://pcbdaily.com/?p=6781#comment-20667 I've heard that in order for the lender to approve a short sale, you usually have to sign a note to repay the difference, but when they foreclose lenders will not pursue you for their losses because they know you are not collectable. So while your credit may take a hit, you won't owe anyone anything. So I guess either choose bad credit and a new loan to repay and short sale your house, or choose really bad credit but no debt. Either way, you aren't going to get a loan anytime soon anyway. That's what I have heard from those who have dealt with these lenders. Does anyone know what happens with your credit cards and other loans that are current when you conduct short sales, or foreclosures? Do your other lenders up your rate or cut you off? Do credit card companies do the same? I've got a rental 100k underwater I want to short as it will be 20 years until I can break even, but I don't want to lose my credit cards and have my HELOC rate on my personal house shoot up. I’ve heard that in order for the lender to approve a short sale, you usually have to sign a note to repay the difference, but when they foreclose lenders will not pursue you for their losses because they know you are not collectable. So while your credit may take a hit, you won’t owe anyone anything. So I guess either choose bad credit and a new loan to repay and short sale your house, or choose really bad credit but no debt. Either way, you aren’t going to get a loan anytime soon anyway. That’s what I have heard from those who have dealt with these lenders.
Does anyone know what happens with your credit cards and other loans that are current when you conduct short sales, or foreclosures? Do your other lenders up your rate or cut you off? Do credit card companies do the same?
I’ve got a rental 100k underwater I want to short as it will be 20 years until I can break even, but I don’t want to lose my credit cards and have my HELOC rate on my personal house shoot up.

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