Short Sale Portland
A Portland short sale occurs when the sale of real estate property proceeds are lower than the balance owed currently on the property loan. This usually happens when the borrower can no longer make the payments on their mortgage loan. In these transactions the lender agrees to sell the property at a loss rather than attempt to go through the process of getting the full amount from the borrower. Both the borrower and lender must agree to this Portland short sale process. Banks are definitely motivated to approve short sales because the process is simpler and cost-saving for the lender (the main advantage to property owners is avoiding a foreclosure and dealing with the debt head-on rather than just walking away). The bank and the home owner are both motivated to avoid foreclosure due to home owner wanting to lessen the damage to their credit and the bank needing to get rid of its non-performing mortgages. Mortgage debt forgiveness occurs when a home owner is not held liable for the difference of what is owed versus what the house sells for; government programs like HAFA and FHA allow for mortgage debt forgiveness but be sure to do your own homework.
Oregon Short Sales
Oregon’s real estate market is showing some signs of recovery however the overall real estate numbers still aren’t very good. Housing is being held back by factors such as unemployment, foreclosures hitting the market and other local and national economic woes. If you are looking for help on your Portland short sale process, you’ve come to the right place. Oregon Short Sale Realtors are here to sell your house today.