Connecticut MHA Request for Short Sale
Description
How to fill out MHA Request For Short Sale?
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FAQ
It is up to the mortgage lender to approve a short sale. The difference between the sale price and the mortgage amount may be forgiven by the lender, but not always. The financial consequences of a short sale are less severe for the seller than those of a foreclosure.
A lender may be able to obtain a judgment in under two weeks while taking between three weeks and three months to decide on a short sale. This makes it crucial for you to have legal counsel every step of the way.
DEFINITION. A short sale approval letter is a letter that a lender issues to the seller if a short sale offer is approved for less than the amount the borrower owes on a mortgage. It's issued by the lender at the end of a short sale to demand the "short" loan payoff in return for releasing the lien on the property.
For a sale to be considered a short sale, these two things must be true: The homeowner must be so far behind on payments that they can't catch up. The housing market must have gone down so much that the house is worth less than the remaining balance on the mortgage.
3. WHAT IS STRICT FORECLOSURE? Connecticut is one of only three states that uses strict foreclosure. A strict foreclosure does not involve a judicial sale of the property.
Short selling is a risky trade but can be profitable if executed correctly with the right information backing the trade. In a short sale transaction, a broker holding the shares is typically the one that benefits the most, because they can charge interest and commission on lending out the shares in their inventory.
Disadvantages of a Short Sale A short sale comes with quite a few catches. There are more parties involved than a typical sale making the process complicated and often lengthy. In a traditional home sale, price negotiations happen between the buyer and seller (or their representatives), not the seller's bank.
A short sale is when a home owner sells his or her property for less than the amount owed on their mortgage. In other words, the seller is "short" the cash needed to fully repay the mortgage lender. Typically, the bank or lender agrees to a short sale in order to recoup a portion of the mortgage loan owed to them.
But a short sales results in a loss on the loan, and the end of interest payments and servicing charges that represented the lender's profit.
It costs more to the lender to go through the foreclosure process. During a short sale, the lender shares the cost with the homeowner to quickly sell the home. From a financial standpoint, many lenders prefer a short sale if the home is not expected to sell for more than the balance due at the foreclosure auction.