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Feeling like there is no other option but foreclosure can be an overwhelming experience. The current U.S. housing market and national financial crisis has caused untold stress and heartache for many American families. Know that you are not alone. Now, more than ever before there are solutions.
A short sale is if a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.
Benefit: A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual's public record, and in many cases will allow the homeowner to avoid a deficiency judgment. Borrower may qualify for another mortgage in as little as 24 months (as opposed to five years for a foreclosure).
Drawback: Short sales can be a trying process in which a homeowner is best served by contracting with a qualified real estate agent to guide the way.
Have more questions about Short Sales and the process? Click on the Shamrock Title Link to learn more about Short sales.
The Dare to Compare Team of Century 21, New Millennium can provide you with information about other options that may be available to you, explain the effects and provide you with in-depth information. Call today and let us be your advocate. 703-424-7613
