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ase8913Sep 28, 2010
I live in a spaceship. f**k you.
madronaSep 28, 2010
The FICO dudes overstate the negative impact of a short sale in comparison to a foreclosure. Six months after our short sale of an investment property, our credit scores were back over 700. And after two years, we will be allowed to refinance our own home mortgage. Neither of those would have been likely if we'd gone the foreclosure route.
Closed AccountSep 28, 2010
yeah...I am sure you understand how it works more than they do, based on your one experience!
foxifiednutbarSep 28, 2010
HI MY NAME IS PATTY AND I'M YOUR AGENT!
I'm going to speak really loudly and excited about whatever over-priced piece of cr@p house I try to shove down your throat! Did you notice my makeup and perfume? I put WAY too much on. It's my way of trying to cover up the 45 pounds I gained after I gave birth to three kids. My husband then lost interest in me and now has sex with Thai hookers when he goes on business trips for his WIlly Lomanesque sales trips! Can I interest you in this split-level Colonial which has gone 500% in the past six months? The markets fueled by low interest, interest only loans which will entrap you like an 18th century negro south of the Mason Dixon Line- hi, I'm Patty!
foxifiednutbarSep 28, 2010
If those companies had given people a "decent loan", they wouldn't have gone bankrupt. The good mortgage companies are still alive and well. When you are honest with your clients and don't offer predatory loans, your clients will be able to pay their mortgages, thus NOT defaulting on their loans and putting your bank out of business. So yeah... the banks who went bankrupt ABSOLUTELY deserved it.
gvitaSep 28, 2010
thankz... 4 this unknown facts...........
jeworldSep 28, 2010
The short sale route is also better because the lienholder must accept the amount as paid in full. If you go the foreclosure route, the lienholder can and most likely will take you to court for the amount owed that wasn't generated through sale/auction of the property. (deficiency)
gkiltzSep 28, 2010
Crfedit rating does not keep food on the table, or shoes on the kids feet. You have to set priorities.
Closed AccountOct 12, 2010
In response to jeworld: A deficiency judgment can still be sought by the lender even in a short sale. The lender is not required to accept the purchase price as full payment for the outstanding debt.
The article seems to see a short sale as purely a financial event. But the greatest benefit of a short sale is that you're in communication with the lender and things like deficiencies can be discussed and negotiated. In fact, one can influence how they report to the credit bureaus. Your lender is represented by a person who - believe it or not - has a heart. Who do you think the lender is going to be more willing to work with? The borrower who walks away, sticks them with a property and forces them to jump through hoops to recoup their investment? Or the borrower who proactively seeks a short sale expert to help them, tells the bank the whole truth and saves them the additional time and cost of foreclosing?
carl9owenOct 12, 2010
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preomarketplaceMay 9, 2011
Great article.. thanks for the share!