http://www.thenationalmortgageexpert.com/daily/is-the-fdic-killing-short-sales/ Your Source For Mortgage Tips And Insider Secrets Sat, 26 Nov 2011 14:23:57 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://www.thenationalmortgageexpert.com/daily/is-the-fdic-killing-short-sales/comment-page-1/#comment-507 Allison S. Tue, 09 Feb 2010 21:13:45 +0000 http://www.thenationalmortgageexpert.com/?p=3816#comment-507 soccerdad, I'm no expert but I'm a regular listener to Joe's show. He's explained that a short sale is when you sell a house for less than you owe and the bank agrees to accept the discounted payoff, meaning the bank accepts less money than is actually owed. Why? Cuz it's better than foreclosure when they become responsible for that property and need to deal with it themselves. If anything happens to the house, the bank can lose their money. At least with a short sale, the bank gets their $$$. soccerdad, I’m no expert but I’m a regular listener to Joe’s show. He’s explained that a short sale is when you sell a house for less than you owe and the bank agrees to accept the discounted payoff, meaning the bank accepts less money than is actually owed. Why? Cuz it’s better than foreclosure when they become responsible for that property and need to deal with it themselves. If anything happens to the house, the bank can lose their money. At least with a short sale, the bank gets their $$$.

]]> http://www.thenationalmortgageexpert.com/daily/is-the-fdic-killing-short-sales/comment-page-1/#comment-506 soccerdad Tue, 09 Feb 2010 20:57:50 +0000 http://www.thenationalmortgageexpert.com/?p=3816#comment-506 Great article, eye opening. Still don't fully understand how a bank benefits in a 'short sale'. Anyone? Great article, eye opening. Still don’t fully understand how a bank benefits in a ‘short sale’. Anyone?

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