My clients often ask me what the difference is between a short sale and an REO. I normally go into quite a detailed explanation about the ups and downs of both, and always wind up telling them REO’S are always the way to go. I’ve actually dealt with this situation a couple of times in the last few months that really confirmed the truth.
So I was dealing with a short sale home and I knew for sure it wouldn’t be a short sale for long…
Home improvement is one area where you may or may not get your money back when you sell your home. Many times what one homeowner sees as home improvement is only something the next homeowner may have to undo in order to help the home meet his own needs.
Just for clarity of definitions, the term Loan Modification means changing or modifying the terms of an existing loan. It is not a refinance so to speak which, is an entirely new loan usually done to get cash out of the equity in a house or to take advantage of a better interest rate that presents itself. The net effect is similar to a refinance but without the new loan part.
The government tax foreclosure houses are the most sought out homes. Many families have lost their homes because they are not familiar with the offers by lenders that are designed to help them out of distress.