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A short sale is when a mortgage lender agrees to allow a homeowner to sell their home for less than what they owe on the mortgage. ... Provide a hardship letter. The first step of the short sale ...
A deed of reconveyance, also known as a satisfaction of mortgage, is a document that proves you've paid off your mortgage. The deed of reconveyance releases the lien the mortgage lender placed on ...
The average number of points reduced when you are 30 days late on your mortgage payment is 40 – 110 points, 90 days late is 70 – 135 points, and a finalized foreclosure, short sale or deed-in-lieu is 85 – 160 points.
Selling your home through a short sale can help you avoid foreclosure, but it might make it difficult to get another mortgage. Short sales can damage your credit, and they can stay on your credit ...
A short sale can affect credit as little as 50 points as opposed to a foreclosure, which could affect credit rating by more than 300 points. A deed in lieu of foreclosure has a much more devastating effect on the borrows credit. In addition, a short sale or short refinance will be recorded with credit bureaus as paid in full or settled for less.
Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.