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Loan Modification vs Short Sale

  
  
  

(Blogger: Rich Navarro) .. When I bought my first car eons ago, it ran as smooth as silk. But as the years went by and the mileage piled on, it no longer felt like silk, but more like sleeping on nails; it was comfortable as long as you didn’t move. Well, one day it decided it didn’t want to hold it’s transmission together anymore, and proceeded to leave a trail of metal parts for me to look at in the rear view mirror. Replacing the transmission was now going to cost more than the car’s Kelly Blue Book value. I would be in a sense, underwater.

To sell high or low… that is the question!

  
  
  

(Blogger: Rich Navarro) …Our family of seven grew too big for our little three bedroom home. When we put two of our girls in a bunk bed, and then another two on a pull out day bed, we knew it was time to move out.  And moving our son to sleep in the van in the garage: not an option  (although my wife may have wanted me in there at times).  So after finding a real estate agent and getting the house appraised, it was time to decide if we wanted to put our house on the market at a comparable or higher price, or to sell at an agressive price to catch the eyes of buyers.

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Short Sale Qualification?

  
  
  

The owners of the property must be able to show they are in a negative cash flow situation (i.e., with a hardship letter and a financial statement reflecting monthly expenses & income) and are about to go 30 days behind on their mortgage payments and will be facing a potential foreclosure action in the near future.

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