Need a Short Sale?
ARE YOU BEHIND ON MORTGAGE PAYMENTS? YOU CAN STILL BE PROACTIVE BY CHOOSING A SHORT SALE OVER FORECLOSURE
Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up your hands and let the bank take your home, that might not be the wisest thing to do. You can still be proactive and spare some years of bad credit and loan ineligibility:
Short Sale Benefits
Here are a few benefits for doing a short sale that may not have occurred to you:
· You are in control of the sale, not the bank.
· You may sleep better at night knowing who is buying your home.
· You will spare yourself the social stigma of the "F" word, foreclosure.
· Your home sale will be handled like any other home sale. The Real Estate agent will handle all of the negotiations with the bank
Buying Again After a Short Sale Foreclosure
If your payments are in arrears yet a short sale is granted by your lender, you may qualify to buy another home with a Fannie-Mae backed mortgage within two years, regardless of whether the home is your primary residence. The wait for FHA is 3 years with a Foreclosure the wait is longer, generally 5 years for a primary residence and 7 years for an investment property.
Affects on Credit After a Short Sale vs Foreclosure
A short sale may be considered to be a derogatory mark on your credit even though credit bureaus do not show the word "short sale" on your credit report. It may say "paid in full for less than agreed" or "settled for less," Major point drops are typically due to being in default, meaning you have fallen behind on your payments. Depending on your credit history and other guidelines, Generally, a foreclosure will remain on your credit report for 7 years. Both affect your score greatly but as long as other factors on credit are positive, generally a short sale is quicker to bounce back from
ARE YOU BEHIND ON MORTGAGE PAYMENTS? ARE YOU HEADED TOWARD FORECLOSURE? WOULD YOU LIKE TO SAVE YOUR CREDIT AND BE ELIGIBLE TO BUY AGAIN IN THE NEARER FUTURE? STOP FORECLOSURE NOW AND SEE HOW YOU MIGHT BENEFIT MORE FROM A SHORT SALE- FREE-NO OBLIGATION CONSULTATION-