Many people find it easier to watch a brief video to get information about a subject they feel is complicated rather than reading about it. These very brief videos cover several topics for home and condo owners who are having difficulty paying their mortgage and explain some of the ways that this situation can effectively be resolved. The videos were created by the organization who provided the training I did to become a Certified Distressed Property Expert® (CDPE®).
What is a Short Sale?
I get this question a lot and this video helps explain what a short sale very simply and in under 2 minutes. If you have wondered what a short sale is or have somewhat of an idea and would like to really know what it is in simple terms, watch this video.
Short Sale vs. Foreclosure
There are definite differences between a short sale and a foreclosure and a lot of people don’t quite understand the difference between the two. This is the longest video on this page at about 5 minutes (not that long really) but it will help you to understand how a short sale and a foreclosure differ.
Short Sale vs. Foreclosure: Different Effects
What are the differences between a short sale and foreclosure when it comes to the effects they have on a home or condo owner? This is a good video to help explain what effects each can have, such as potential effects on credit scores and future home purchases, and which is the better choice.
Short Sale Hardships Explained
One of the prerequisites for short sale approval is financial hardship. There are several things that can qualify as a financial hardship that would allow for short sale approval and this short video will give you more information about this.
Just Walking Away is Not a Good Option (Strategic Default)
Some home and condo owners who can no longer afford to pay their mortgage and think there are no solutions choose to stop paying their mortgage and walk away from their home or condo. Others can afford their mortgage payments but since their home or condo is worth less than it can sell for, don’t want to keep paying and also walk away. This has been called a ‘strategic default’. There are often consequences for doing this and better solutions that could be tried. Watch this video to learn more.
Deficiency Judgment Explained
If a lender receives less than their are owed when a foreclosed home is sold or a short sale occurs, they have the right to pursue a judgment against the borrower for the difference – this is known as a deficiency judgment. In most cases, a short sale is a better option for the borrower than a foreclosure and this video explains why.
Avoiding Mortgage Relief Scams
With many people trying to deal with a mortgage they can’t afford, there are companies all over the place offering assistance and some specialize in scamming these home and condo owners. It is important that you are away that this occurs and what to watch out for. This video will help you understand more about common mortgage relief scams and how to avoid them.