CALL: 208-794-1979
What is a Short Sale?
Go To:
What is a Loan Modification?

What is a Loan Modification?  What is a Short Sale? 
What does ‘in Foreclosure' mean?  What is an REO?

We hear these terms all the time in today's market, but what do they really mean?


What is a Loan Modification?

In today's market, many homeowners owe more than their homes are worth and/or their monthly mortgage payments are overwhelming due to interest rate increases from adjustable rate mortgages. A loan modification may include and adjustment to payments, interest rate and/or adding missed payments on to the current loan balance.  This can only be handled by your mortgage servicer and may take several phone calls and persistence to accomplish, but can provide relief to today's homeowner.

What is a Short Sale?

In these current market conditions, if a homeowner owes more than his house is worth, or if their payments are overwhelming, they may be able to short sale the home.  This means the lien holder (bank) will accept a purchase price of less than what is owed.

This process includes not only the homeowner to accept a purchase offer, but the lien holder(s) must also accept the offer terms and purchase price.  It can be a lengthy process and more difficult if there are more than one lien holder. In today's market, this process is changing all the time, so seek professional assistance with the current  processes for a short sale.

next page >>

Idaho State Properties, LLC

Boise, ID 83704
Direct: 208-794-1979

Want to Make Your Next Move EASY?
Let Us Help!!
Ready to Move? Automatic Home Finder