Mortgage Short Sale
Categories: Mortgage
See: Mortgage.
You bought your home in the bubblicious times of 2007. You paid $247,500...a special price, so the realtor told you (full price). You were able to get a $225,000 mortgage.
But then bad things happened just 18 months later. You lost your job. Your industry moved out of town, more or less, leaving 1/3 of the homes for sale. The human-Zillow of the era told you the home was now worth $160,000....maybe. So, unable to really make payments, you gave the home back to the bank in a mortgage short sale.
The bank lost a small fortune in the process...over 50k. And you destroyed your credit for at least seven years as it relates to being able to get another normal mortgage.
Bad things happened to good people in the era, and it left scars.