What happens to a judgement balance in a real estate short sale in New York state. If there is no equity in the sale will the judgement be released?

Answer In any state, Judgements are usually filed with a court. In order for the Judgement to be released, someone -- preferably the party that filed the Judgement -- must be satisfied before the Judgemen... Read More »

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What is a BPO on a short-sale property?

The broker's price opinion (BPO) is the benchmark price set for a short-sale property by an agent of the lender. The price opinion set by the agent is compared to offers on the short-sale property,... Read More »

What is a short sale deficiency?

A short sale means the borrower and bank agree to terminate the mortgage if the debtor sells the home and gives all to the bank. However, sometimes the sale price of a home is less than the balance... Read More »

What is a short sale approval?

Short sales are an alternative to foreclosure for homeowners who owe more on their house than it's worth at fair market value. The mortgagor, or bank, has the opportunity to agree to a short pay-of... Read More »

What is a short sale on a property?

When selling a home in a down real estate market, different issues can arise, including an increase in competition, low selling prices and foreclosures and short sales.DefinitionIn simple terms, a ... Read More »