I know it is a difficult time with the thought of possibly loosing your home. If you have exhausted all efforts in trying to negotiate a modification of the loan or trying to refinancing the loan, you may only be left with;
- Listing the home through an agent for a possible “short sale.”
- Selling the home to an investor on your own.
- Declaring bankruptcy.
A Short Sale may be the key to a much happier ending before going to foreclosure.
Top Reasons to Consider a Short Sale
- Avoid foreclosure and help to save your credit.
- Ease financial stress and recapture a sense of happiness
- Reduce dept and regain control of your finances
- Make a fresh start and restore your conficende
- Move forward with the help of a short sale specialist
So, what is a short sale? A short sale is a loss mitigation solution. The easiest way to explain a short sale is this: Ask yourself the magic question, “how much do you owe on your home?”. If the
answer is more than what the current value of that home is then you may be a candidate for a short sale. A short sale is when the value of the mortgage is greater than the value of the property.
There is a difference between a short sale and foreclosure;
Short Sale - the lender agrees to accept less payment than what is actually owed to them. Will not do as much damage to your credit score and you are able to work towards a higher credit score in a shorter time period
Short sales-in which the lender agrees to take less than is owed on the home, writing off some or all of the loss to avoid the expense of a foreclosure-typically are handled by real estate agents, which at least takes some of the pressure off of a harried homeowner.
Foreclosure - The homeowner is considered pre-foreclosure when the bank officially sends a notice of default or a notice that they’re taking legal action against the homeowner to collect the debt.
Foreclosure will hurt your credit score much more dramatically and working towards correcting it can take 2 to 3 times longer.
Realtor Commission - Don't worry the bank pays the real estate commission.
The Short Sale process can be slow and frustrating but with a much happier ending, but why go it alone, I can help you through the process.
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