The Roller-Coaster Ride called a Short Sale
Posted on 24 July 2010
The New York Times has a great story today about understanding and navigating short sales. The story’s New York-centric of course, but the lessons and ideas are – sadly – universal. Here in Santa Fe we have a smaller number of short sales, but they are at every price range, and in every location from Airport Road to Las Campanas.
Short sales are a gentler alternative to foreclosure for both sellers and lenders. “Compared to a foreclosure, a short sale generally allows an easier transition for the borrower, less impact on their credit history, and larger net proceeds to the loan’s owner,” said Tom Kelly, a spokesman for JPMorgan Chase, adding that Chase encourages borrowers who are unable to keep their homes to consider short sales.
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- Should I Short Sale My Home – Chapter 7 (slideshare.net)
- Jeff (the マクダジ of FF): 1.6 Million Homes Hit With Foreclosure Notices In First Half Of 2010 (consumerist.com)
- Short sales won’t save your credit score (seattletimes.nwsource.com)
- Foreclosure alternatives – short sale and deed in lieu (chicagonow.com)
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