Instead of Foreclosure, Opt For A Short Sale

September 28, 2011

Real Estate Info

In these difficult economic times you may find that it’s difficult to pay your loan in a timely manner. In the worst case you will feel humiliation when you receive a notice from your lender forcing you to move out of your home and they may not even give you much time. That doesn’t sound any good to me so what can you do to avoid such a scenario? First it’s important to understand that a foreclosure has many consequences in addition to losing your home. Your credit rating will suffer for as many as 7 years causing you to pay high interest rates and difficulty financing another home in the future. Future lenders will know you lost a home previously to a foreclosure so they may think twice about working with you.

So what can you do to avoid all of these negative consequences? A Short Sale.  This is a great procedure which allows you to sell your home below the market value. Their are many stipulations involved and you always must seek permission form your lender to sell in a short sale. Your lender has final word. When opting for the short sale your credit will suffer BUT not nearly as bad as it would you let the bank foreclose. Short Sale is the proactive choice.

Since the short sale process can be difficult its always best to hire a short sale specialist to assist you with all of the paperwork. You must keep in mind that the person your hire to help you will be dealing with things you may not totally understand to trust is important. If they miss a step or do not get back with the bank in a timely manner then that could set back your process considerably.

You can learn a lot about the intricacies of this process on the internet. It’s important to educate yourself as much as possible to help make things go as smoothly as possible. Another thing to keep in mind is that the process can be long and may even fall apart if the bank decides they dont want to short sale your home.

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