With a bad economy and many homes being foreclosed is it better to refinance or short sale?
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Tags: Better, Economy, Home, Refinance, Sale, Short, Short Sale
5 Responses to “Is It Better To Short Sale Or Refinance Your Home?”
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Filled Under: Mortgage Loan Modification
October 21st, 2009 at 10:47 pm
Refinance if you can bear to pay the payments. In my area I’ve seen percentage rates as low as 4%…A short-sale will only be a way for you to “give” your house away with little penalties, you won’t make any equity on your home, and if you plan to purchase a home for a lesser price and are under 55 years of age, you’ll have to pay out of the a-s-s taxes.
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October 21st, 2009 at 11:29 pm
On a short sale it does impact your credit in a negative way. Refinancing generally doesn’t.
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October 21st, 2009 at 11:32 pm
Do not make this mistake: Don’t hire someone to help you foreclose on your home or get a short sale for your home. You are wasting your money.
Next, don’t make this mistake: Don’t allow your home to go to short sale or to foreclosure without first contacting an FHA loan representative to find out if there is any help available to you. Most home loan borrowers will find some options to help them avoid losing their home to either of these financially devastating situations.
in this situation refinance is the best solution.
to get more best solution you can try here : http://www.iloanshop.com
Good Luck…..!
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October 21st, 2009 at 11:39 pm
REFINANCE if at all possible. It will help lower your monthly payments (though you’ll have to pay some refinincing charges up front). Selling short damages your credit. It is like defaulting on your loan. If you can make your payments, stay in the house and do so. Refinance if you can to get lower payments. Short sell as a last resort.
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October 22nd, 2009 at 12:26 am
Refi if you can get something that you can afford. If not, then go for a short sale before your credit is damaged.
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