If you are in a position where you need to move, or just need out from under this large loan that is on your home I may be able to help with a short sale. The banks are now working with short sales instead of foreclosing.
There are several different ways to deal with the bank. You can try for a loan modification to stay in the home, you may give the property back to the bank in a deed in lue of foreclosure, you can wait for the foreclosure, or you can try to sell the property before you get into trouble (short sale). The last of these options is the one that affects you credit the least. With a short sale on your credit you could be able to buy another home in as little as 2 years.
The loan modification is a good route if you can afford your mortgage but are having a temperary hardship. The bank can reduce your payment for the next couple of years but the full amount of your loan will have to be payed back. The banks are not agreeing to reduce the amount of pricipal that is owed on the loan yet, and that day may never come.
A short sale is called this because the sale of the home is causing the loan company to agree to release the homeloan short of a full payoff. (It is not because the sale takes a short period of time.) The banks are prefering a short sale to the foreclosure process now.
The short sale is a win-win for everyone involved. The seller is getting out from under a home that is not worth what is owned on it with the least amount of damage done to their credit. If the sale is done before the seller is behind on payment there may not even be late payments on their credit. The sale will show up as a payed as settled but without the late payments the only thing they should not be able to buy is another house for only 2 years. The sooner a homeowners deals with the upcoming problem the better their credit will be. If you wait till 120 days late with a notice of default filed the credit is already bad. The banks do not require the seller to be late.
For more information email me at dominique.vescuso@acresofhomes.com
Comments(0)