| Short Sales Continue To Be The Best Choice For Many! |
| Articles - Mortgage |
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I have been in short sales for three years now. Back in the early days, I'd spend a lot of time explaining to Realtors and home owners exactly what a short sale is! Today, most people know the basics of them and I usually talk about the benefits and details they don't want to forget.
I have been in short sales for three years now. Back in the early days, I'd spend a lot of time explaining to Realtors and home owners exactly what a short sale is! Today, most people know the basics of them and I usually talk about the benefits and details they don't want to forget. I am a Realtor and Investor. I work with people all over the US helping them to find a way out of tough situations with their real estate. Most people I talk to have issues with less income coming in and/or their mortgage payments going up. On top of that most of the time their real estate is worth a lot less than what they owe. Solutions: Well, most people start with talking to their bank and trying to get a modification on their mortgage. This can work, but in my experience, most of the time the reduction in payments are not enough to help them out of their situation. Also, the banks are strict on how much income you may have in order for them to do a modification. A lot of people have too little coming in. A second way that we may suggest is legal foreclosure defense. A lawyer looks over your mortgage documents and makes the lender come up with all the proper paperwork. This can delay the foreclosure for a long time! Usually, even going through these actions, it will come down to a foreclosure or a short sale. Usually the short sale is much better for the home owner than a foreclosure. The credit is hurt much less and the debt to the bank can often be dismissed! A lot of people are in the "standard" situation. This is usually someone who has a home which is worth less than the mortgage balance, the mortgage payments are rising, and has less income coming in. They usually want to start with a modification and try to stay in their home. This is a good first step. The final result can be a lower payment, but not low enough. If these don't solve the problem, you can move to a short sale. This will allow negotiation with the bank and a sale close to today's market price. The owner can find a cheaper way of living and a fresh start. The deficiency amount and tax can usually be dismissed! The short sale is much better than a bankruptcy or foreclosure! They can leave the owner with money that still has to be paid over many years and tax liabilities! There are many lawyers that can help. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Want to find out more about short sales, then visit Daniel Wolkoff's site on how to choose the best way to avoid foreclosure for your needs. |