The Importance of Equity in a Short Sale

People are actually getting foreclosed on with equity and low interest rate mortgages in the current environment. Sometimes they do have equity or sometimes like there could be something to where they could just break even and get out from underneath it so um short sale isn't the thing that we're seeing the most often. A lot of these subject to you know we're reinstating the long because it's cheap money, he says. He gives an example of a homeowner who went through foreclosure after his house fell into disrepair but was able to sell for less than half its appraised value. The home is now being put up for rent as part of a multi-million dollar property development project by real estate

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