What Are The Short Sale Foreclosure Advantages – Short Sale Vs Foreclosure?

What Are The Short Sale Foreclosure Advantages – Short Sale Vs Foreclosure?

Short Sale Foreclosure Advantages
Short Sale Foreclosure Advantages

Should I let the back take my home or should I sell my home as a Short sale?  A question I have often received from sellers who are behind on their mortgage payments.  The answer is not a simple one, but in short it is always better to work with the bank given the choice. The long term consequences of walking away from your home will certainly effect the MOST important aspects of your life, which is HAVING GOOD CREDIT.

Selling your home as a short sale is the better option. Below are 5 good reasons why.

Should I let the back take my home or should I sell my home as a Short sale?  A question I have often received from sellers who are behind on their mortgage payments.  The answer is not a simple one, but in short it is always better to work with the bank given the choice. The long term consequences of walking away from your home will certainly effect the MOST important aspects of your life, which is HAVING GOOD CREDIT.

 

1) After a short sale, if you were current on your mortgage payment; you may qualify immediately for a new home loan. After a foreclosure, the time period to buy another home is from 5 to 7 years.

2) Short sales are sometimes not reported to the credit bureaus, but foreclosures are always reported.

3) Normally, a lender will not file a deficiency judgment after a short sale, but one is always filed after a foreclosure. The foreclosed home owner can be liable for thousands of dollars until the judgment is paid to the lender.

4) New loan applications require disclosure of a previous foreclosed home.  The application does not inquire about previous homes involving short
sales.

5.  Your lender may pay you to relocate.

6. The lender may pay any unpaid taxes to the State, Federal Government, or County Governments if there are liens on property.

Short Sale Foreclosure Advantages – See ALL of the short sales and Foreclosures on The Central Coast of California 

SHORT SALE FORECLOSURE ADVANTAGES

 

 

What Are The Short Sale Foreclosure Advantages – Short Sale Vs Foreclosure? was last modified: by