CAR chastises lenders over short sales

Short sales happen when a bank agrees to accept less than the amount of the mortgage the seller owes to the bank. The home could appear to be above water, but if after the fees to sell are deducted, plus the mortgage, the funds are short, then it falls into short sale territory.

 · Do banks prefer short sales or foreclosures? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

FHA loan rules for new loans following a short sale may seem complex–the rules that apply to you often depend on the status of your mortgage loan prior to the short sale. But, when is a new FHA home loan possible following a short sale?

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RE Can you get a good auto loan rate after short sale? My husband and I had impeccable credit (above 800) prior to us closing a short sale last year (about 7 months ago). We unexpectedly got pregnant with our third child which means we need to invest in van to accommodate our three car seats.

The lender must approve the short sale and, in most cases, agree to accept the lower amount as the full and final payment on the loan. Short sales mean a loss for the lender, however, lenders may agree to a short sale if they believe it will be a better option than foreclosure.

CAR chastises lenders over short sales Liz is a career journalist, and currently a senior editor with Charles Schwab. She joined HousingWire briefly in mid-2011 though early 2012.

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FHA loans that are at least 31 days past due may qualify for short sale. In addition to listing your home with a real estate brokerage, the home must be on the market for at least four months before the lender can approve the sale. You have six months from the short sale approval date to close and must be able to transfer a clear title.