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Short Sale Process

Short Sale Process

Getting through a short sale can be a tedious process that can test the patience of most. Moreover, there are no certain ways to predict the many variables involved in a short sale. For instance, several events can affect the process: how long a bank will take to respond, if a counter offer will be provided, if the original Seller/Purchaser agreement will be accepted, and  if the required documentation will be recognized by the bank.

However, there are basic things that one can do to get through the primary stages of a short sale in Charlottesville.
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Qualifications for Mortgage Co-Borrowers

Qualifications for Mortgage Co-Borrowers

When you see the term mortgage co-borrower, it refers to joint applicants on the mortgage note. There is a difference between a mortgage co-borrower and a mortgage co-signer. A co-signer agrees to pay if the note holder defaults on their mortgage application. A co-borrower bears just as much responsibility as the primary borrower in paying the mortgage as agreed. Essentially, a co-singer does not bear any financial responsibility until the primary borrower goes into default. That is why it is important to look at the qualifications a co-borrower is required to meet and how much responsibility they have with the mortgage note.
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How to Purchase a Foreclosed Property in Virginia

How to Purchase a Foreclosed Property in Virginia

When a person purchases a property in Virginia and has to take out a mortgage loan, a deed of trust is created. If the purchaser fails to make payments, the lender then has the right to foreclose and auction the property. To purchase a foreclosed property, Virginia real estate purchasers need to know where to look, how to make bids, and have a general understanding about deposit requirements. After learning about all of these topics, a real estate buyer will be well on his or her way to getting a great deal on a foreclosed property.
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