Real Estate

Avoiding foreclosure through short sales

Bay Area homeowners still lose homes, but preserve some credit

Homeowners unable to afford their mortgage payments can sometimes negotiate an agreement with lending institutions to sell their home for less than their mortgage debt -- preventing foreclosure, a harrying process for both lenders and sellers -- and, in many cases, absolving debt while preserving credit.

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Comments

Like this comment
Posted by madam z
a resident of Palo Alto Orchards
on May 15, 2008 at 10:31 am

very well written and detailed article, I'm in Brooklyn, NY and am a real estate investor who needs this info, this problem is national as
well as global---people need to pay attention --slow down and turn off
entertainment which purpose is to distract us from realities that affect our lives--peace!!!


Like this comment
Posted by madam z
a resident of Palo Alto Orchards
on May 15, 2008 at 10:33 am

short sales during an O.K. market can take up to and some-
times more than a year...I've done one!


Like this comment
Posted by JP
a resident of Downtown North
on May 15, 2008 at 5:50 pm


So how long before the short sales drop values so much that people start walking out on their mortgages? I give it 18 months.


Like this comment
Posted by Nancy
a resident of another community
on May 25, 2008 at 7:44 pm

Will it help speed things up if a Real Estate attorney handles the deal? I have used one for selling a foreclosure and they did OK...


Like this comment
Posted by Marty
a resident of Menlo Park
on May 25, 2008 at 8:33 pm

Has anyone considered the MAJOR effects of an increased capital gains tax? Many mortgages were made under the the 15% cap gains rate. If this is going to rise, as is probable under a new Democratic administration, won't this cause a new downturn in the real estate market?

Why aren't people talking about this possible grenade being thrown into our economy?


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