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Released: July 26, 2011
Short sales, long waits: Frustrating process
Source: Greta Guest, Detroit Free Press (USA Today)
Short sales are among the most arduous real estate transactions, often taking six months or more to close -- if they get done at all. They can be a life raft for distressed homeowners who owe more on their houses than what they're worth, but the experience depends on a variety of factors, such as the number of lenders involved and whether there's a hardship, mortgage insurance attached or whether the buyer has the patience to stay with the process. A short sale occurs when a lender agrees to accept less than what the homeowner owes. The transaction requires that the homeowner has a financial hardship.Read Full Article: Short sales, long waits: Frustrating process
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