Homeowners who are unable to keep up with their mortgage shouldn’t think that foreclosure is their only option. A short sale is an effective alternative to foreclosure where you can sell your home for less than the balance remaining on your mortgage if the bank agrees to it.
If you are considering a short sale, you’ll want professional legal assistance walking you through the process. Reach out to Lawyers Realty Group to see how we can help.
For homeowners considering a short sale, there are multiple benefits.
Eliminating Your Mortgage Debt
After a short sale is complete, you are not obligated to make up the difference of what you owe the bank. For example, if your house sells for $100,000 but you owe $125,000 to the bank, you would not need to pay the $25,000 back.
Going through a foreclosure can have negative impacts including hurting your credit score (and potentially making it harder to take out other loans) and you may still owe money to the bank after your home is foreclosed. A short sale is a much better option when focusing on your financial future.
Potentially Receiving Relocation Assistance
For some homeowners who go through a short sale, they could receive relocation assistance up to $3,000 (if you have a Fannie Mae loan). FHA and VA lenders may offer up to $1,500 to help you get back on your feet. Not all lenders participate in this program, so it’s good to contact an experienced attorney/realtor who will know how much assistance you may be eligible for should you go through a short sale.
Getting Into a New House Sooner
If you go through a foreclosure, you won’t be approved for a Fannie Mae loan for up to seven years. However, if you have a short sale, you could be approved for a Fannie Mae loan around two years after the sale is finalized.
When considering a short sale, contact Lawyers Realty Group. Our team has the Short Sale Advantage that you’ll want when going through the short sale process. Contact us today to get started. (949) 264-0966.