Bellingham Foreclosure Help

Bellingham Short Sale Vs. Foreclosure

Tara Camp — Tue, 03 Nov 2009 06:29:46 +0000

The difference between a Bellingham Short Sale vs. a Bellingham Foreclosure is that with a foreclosure the bank/lender forces a sale of the property at the courthouse steps. In a short sale both the home owner and the lender consent to the sale of the property for a loss, although, both parties can pull the plug at their own will and are not obligated to make the deal happen.

With a short sale, you the owner, are somewhat in control of the sale of the property. You’ll be able to choose the buyer’s offer that you prefer, to submit to the lender. You’ll also be able to stay in the property throughout the negotiation process, which can be a substantial period of time. As you can see, if you’re facing a foreclosure you may want to learn more about offering the bank a short sale in order to gain some control of the situation.

What is a Short Sale?

Tara Camp — Tue, 03 Nov 2009 05:45:47 +0000

A short sale is a sale of your property that is approved by your lender for less than you owe on the balance(s) of your mortgage(s). For example if you have 1 mortgage with the balance of $300,000, you may not be able to sell it for $300,000 due to the declining market, therefore your lender may be willing to take less than you owe to help you to prevent foreclosure.

Why Banks/Lenders Short Sale?

Tara Camp — Sat, 31 Oct 2009 03:42:42 +0000

You may be wondering why a lender/bank would be willing to short sale your Bellingham property/mortgage balance in order to help you prevent foreclosure. Well, as you probably already know, banks aren’t really concern with what’s best for you…but rather they are more concern with what’s in it for them. Short sales actually cost banks/lenders less than a foreclosure…in most cases, so they can be motivated to help you if you’re under water, as many homeowners are these days.