AVOID FORECLOSURE

Dated: 09/16/2016

Views: 408

Need to sell your home? Do you owe more than it is worth?  Our economy over the past several years has brought on many new challenges for homeowners.  A loss of a job, reduction in pay, health issues, etc. have put many of us in a financial bind that has put us behind in mortgage payments which causes lenders to pursue a foreclosure on your home.  Maybe you have tried to reason with the lenders for a reduction in payment or refinancing, but they refuse.  The house is upside down in value so you cannot sell it.  What can you do?  Consider doing a Short Sale.

A Short Sale on your property is a good solution to avoiding Foreclosure and to allow you to sell your home and move on with your life.  Most lenders prefer doing a short sale on the property instead of a foreclosure because it costs them less.  They do not have to take the property back and manage it.  They will accept a current discounted market value on the home, thus allowing you to find buyers for the property.  In many cases, the lenders will forgive the outstanding debt and provide some assistance in moving costs.  You can sell and close on your home with a much less impact on your overall credit. 

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