Is A Short Sale For Me?
Who benefits from a short sale?
Sellers avoid foreclosure and protect their credit from the harder hit of foreclosure.
Buyers receive a good price on the home.
Lenders avoid a costly foreclosure. The potential loss from a foreclosure is typically higher than a loss from a short sale.
How it works
Say you owe $200,000 on your home and can no longer make the mortgage payments. One option is to refinance your home and secure a lower payment based on a longer-term or better interest rate. But if your property has lost value due to local market conditions (say it would sell for only $150,000), refinancing isn't feasible. If the bank agrees to a sale at $150,000, it's called a short sale. Although short sales have become more common in recent years, banks don't always grant them. In general, they approve short sales in these situations:- Seller has a hardship (such as divorce, bankruptcy, unemployment, job relocation).
- Seller owes more on the mortgage than the home's current market value.
- A mortgage is in or near default status.
- Seller has no assets.
- However, different banks and lenders have different requirements. So sellers should discuss the short sale option with their lender.
- Short sales can present a great deal for buyers. But the process is a bit more complicated than a normal home purchase, and it will take patience.
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Downtown Church
45 S Hwy 71
Arnolds Park, IA 51331
Next to Okoboji Middle School/Okoboji Bible Conference
Services:
Sunday evening at 5:30 p.m.
Small Groups- Tuesday/Wednesday at 6:30 p.m.
Healthy Living Program Center Milford
Healthy Living Program Center -MILFORD
2207 US 71
Milford, IA 51351
One of the many convenient locations offered by the Bedell Family YMCA is conveniently located in Milford, on the North end of Milford on Hwy 71. Right next to Subway and just south of Perkins.
Offered at this Center are exercise equipment, free weights for ages 14 and up. Personal Training is also offered.
Hours open are
Monday - Thursday 5 am to 11 pm
Friday 5 am to 9 pm
Saturday 6 am to 9 pm
Sunday closed