Short Sale to Avoid Home Foreclosure - Best Way to Stop Foreclosures?
by StockMarketsReview.com
Individuals that find themselves in such drastic financial circumstances often honestly believe that foreclosure proceedings may be inevitable and simply impossible to avoid, but it is important to realize that there are actually many different alternatives and methods that can be successful if utilized correctly. While there are certain cases that are very extreme and may be impossible to work with, the fact of the matter is that these are incredibly rare and are certainly not the norm. Before giving up and failing to seek out any type of assistance, a consumer needs to learn a little bit more about short sales and why they could be the best answer to an uncomfortable and unsettling problem.
Some homeowners that are behind on their payments have made an honest attempt to sell their house and just could not find a buyer willing to pay enough, and these individuals are prime candidates for requesting permission to initiate a short sale. Mortgage companies are often willing to allow a borrower to sell their residence for less than the total amount that is owed on the loan, provided that certain conditions are met. An important thing to realize is that short sales do take time, so cases in which a foreclosure is well under way may be a little bit more of a challenge. Trying to sell the home without the assistance of a real estate agent may be impossible, but most lenders will actually allow a commission to be included for any realtors involved in the transaction. Potential buyers love to find these opportunities and it may be possible to quickly unload the home.
While the end result often appears to be the same to homeowners that must move, the truth is that the process can give a consumer the chance to start over without having a negative blemish on their credit report that is sure to last 7 to 10 years. Future loans will be much easier to obtain if there is no evidence of a past mortgage surrender found in the financial history of the applicant. Short sales can provide relief very quickly, and in many cases the lender will actually delay any proceedings that are already in process to allow the homeowner the chance to sell their home. Few individuals want to deal with such a process, but anyone facing a foreclosure should realize there are ways to stop it and this may just be the best way available.
Source: StockMarketReview.com
For more information about Short Sales, please call 240-737-5024 or send an email to shortsales@bbtrealestategroup.com!
Keller Williams Preferred Properties
9701 Apollo Drive, Suite 102
Largo, MD 20774
Phone: 240-737-5024
EFax: 240-296-5024
Email: shortsales@bbtrealestategroup.com
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