If you’ve found yourself in a difficult situation when it comes to your mortgage and you’re considering foreclosure, rest assured you have a better option. A short sale or pre-foreclosure sale is an agreement between you and the mortgage company that you will sell your home for less than the balance remaining.
You should consider this option if:
- You’re behind on payments
- Your home is worth less than you owe
- You haven’t been able to sell your home
- You’re having financial difficulties
- Refinancing is not an option
It’s true that foreclosure has a negative effect on your credit, so it is best to avoid it if you can. Not only that, you can see the bank coming back at you years later to recoup the amount you still owe on a past mortgage. They can take legal action and dock your pay to get the owed amount back.
Though a short sale may take up to 120 days, the benefits are worth it. Not only will you be able to sell your home at or around market value, when you seek legal advice on short sales from a professional, you’ll be able to agree upon the price with the bank and buyers and discover other helpful options to ease the stress.
Some acceptable reasons for a short sale include, but aren’t limited to:
- Job loss or reduced income
- Military service
- Medical bills
- Divorce or separation
Because there are plenty of legalities involved that the average home buyer or seller won’t understand, your smartest decision is to work with a Corporate Counsel like Michael Benmira for legal advice on short sales. You want to be in the know about all the best options currently available to you during the process. In some cases you can even get help relocating, which is a burden many face after the final sale.
Don’t fall prey to the banks. Get help with negotiation of deficiency debt and come to an agreement that benefits you and your particular needs. Have help with hardship letters, current tax rules, and more. In addition, working with an individual who is CDPE, or a Certified Distressed Property Expert means that you have help from someone who understands all the complexities and give the best legal advice on short sales.[contact-form-7 404 "Not Found"]