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Finance Real Estate About Short Sales: Short Sales vs. Foreclosure
Finance Real Estate About Short Sales: Short Sales vs. Foreclosure
| About Short Sales: Short Sales vs. Foreclosure |
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| Written by Eileen Gill |
| Monday, 15 December 2008 11:22 |
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If you face foreclosure today, you are among many in the same situation. You are no doubt feeling desperate, helpless and you don't realize what options are available to you. Foreclosure hurts! You can't eat, you can't sleep, you have trouble functioning! The phone drives you crazy! The mortgage company, again! Asking when you will be catching up your past due payments. They don't care that you just sat down to a meal with your family or if you are sleeping. Hundreds of thousands of people are facing foreclosure or are in various stages of foreclosure today. Many are stuck in a mortgage they can no longer afford to pay due to the resetting of the ARM or Adjustable Rate Mortgage. Refinancing is difficult or impossible because of financial hardship and declining real estate values. You cannot be approved to refinance if you owe more than the home is worth in today's market. Being in this tough situation is overwhelming, to say the least. Wouldn't it be nice to just be in your own home, having dinner with your family or just relaxing, without the phone calls from your lender? The good news is you have options and there are people who specialize in helping, no matter where you are in the foreclosure time-line. If you've done all you can and you just want out, you can walk away from this debt while satisfying your lender with a short sale. Your lender might be willing to accept a lower price than what is owed on the home if you want to sell it for what it is worth in today's market. Your lender is familiar with this and he will have an appraisal or value check done on your home before deciding to agree to a short sale offer. You can work with a foreclosure specialist who has experience in working with short sales. The short sale negotiator will also perform a market analysis on your home to determine market value. They will help you submit other documentation to your lender to qualify you for the short sale option, including a hardship letter, financial statements, bank statements, pay stubs and other supporting information to show financial hardship and the declining value of your home. The short sale benefits both the homeowner and the lender. The homeowner is allowed to satisfy their debt with a short payoff and not have a foreclosure recorded on their credit report. If the short sale negotiator is really doing their job, they will get a written release from the lender to the homeowner, on the debt owed, so that the homeowner is not forced to pay the deficiency. If the lender is wise enough to accept a short sale offer, then he cuts his losses now, rather than risk the declining values of real estate causing him to be stuck with property that cannot be sold for near what he was owed. Chances are great that he will not sell the property at all; it will sit empty for months, become vandalized, and maybe even condemned and demolished for a total loss. A short sale is one option to consider if you do not want to continue living in your home. With a short sale, you do not get proceeds from the sale; your lender is taking less than what his is owed and giving you proof that your debt is fully satisfied. A short sale is a good way out because it stops the foreclosure process, and saves your credit report from further damage. And don't forget, once this is behind you, you can relax to dinner with your family without being disturbed by phone calls from your mortgage company. About the Author: This article was written by Eileen Gill, who specializes in assisting people who face foreclosure. Eileen's passion is helping people save their credit by selling their home with a Short Sale to satisfy their lender and avoid having a foreclosure on their record. Eileen understands the foreclosure process and the concerns of homeowners facing foreclosure; she has helped hundreds of people in different stages of the foreclosure process. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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