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Short sale: This is a process whereby a lender accepts a payoff that is less than the principal balance of a homeowner's mortgage, in order to permit the homeowner to sell the home for the actual market value of the home. This specifically applies to homeowners that owe more on their mortgage than the property is worth.
PNC was founded in 2000 by Jiang Yuan. She was previously the marketing director at Kinetics Process Systems before leaving with her team to establish PNC. [2] Although the company initially experienced difficulty, according to Jiang by 2010, the company no longer required any loans or external financing. [2]
A short sale can offer much-needed financial relief, but negatively affects your credit history and ability to buy another home in the near future. A short sale occurs when you sell your home for ...
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Lenders allow short sales in order to avoid foreclosure, which is a time-consuming and expensive process. A short sale can only happen with the lender’s permission, and a lender won’t agree to ...
In finance, a locate is an approval from a broker that needs to be obtained prior to effecting a short sale in any equity security, i.e. to "locate" securities available for borrowing. The requirement, in the United States, to locate a stock before 'shorting' has existed for a long time. Regulation SHO was announced by the SEC in July 2004.
A naked short sale occurs when a security is sold short without borrowing the security within a set time (for example, three days in the US.) This means that the buyer of such a short is buying the short-seller's promise to deliver a share, rather than buying the share itself. The short-seller's promise is known as a hypothecated share.
Before the housing meltdown, the term "short sale" was hardly part of the residential real estate vernacular. But now that about 11 million homeowners owe more than their homes are worth, millions ...