Facing foreclosure? You may be able to avoid foreclosure with a short sale.
A short sale is when a homeowner sells his or her property for less than the amount owed on their mortgage. In other words, the seller is “short” the cash needed to fully repay the mortgage lender. Typically, the bank or lender agrees to a short sale in order to recoup a portion of the mortgage loan owed to them and to save money on the foreclosure process.
Credit Score Recovers Faster
Borrowers who go through the short sale process can usually buy another house without having to wait, although securing a mortgage might be more challenging. Foreclosure, on the other hand, affects sellers’ credit scores and stays on credit reports for seven years.
Less Stress
With a short sale, the seller avoids the emotional turmoil of going through a foreclosure (see details below).
Savings on Fees
Typically, the seller bears the burden of closing fees and charges and real estate agent commissions. In a short sale, those fees and commission will be paid by the lender.
At RE Closing Professionals we have successfully helped many homeowners avoid foreclosure over the years and take great pride in helping people in any way we can.
Start the process today and call to see if a short sale is right for you.