AMERICAN CANYON SHORT SALES AND HIGHER EDUCATION
What on earth could AMERICAN CANYON short sales have to do with education? Let me illustrate. Two years ago I had a client who declined the terms of their short sale and let the property go into foreclosure. They were advised by an attorney that this would be the better option. They could declare bankruptcy and everything would be fine. Yes, surprisingly, the same attorney did their bankruptcy for $2700.
Well, the husband got into a car accident which totaled the car five months after the bankruptcy was discharged and had to pay over 12% interest for a car loan. His payments are over $600 a month on a car that cost less than $15k. Ouch.
Now comes the heartbreaker. His oldest child applied to California State University at San Francisco. Was accepted to the nursing program, but could not attend due to the parents' inability to get student loans due to the bankruptcy. In the bay area, a nurse can easily make upwards of $70k. This child now works as a nurses' aide making less than $20k.
Is a AMERICAN CANYON short sale better than foreclosure? To answer that question, you have to look at where you life is going. Are you going to need a new car in less than seven years? Do you have children counting on your help to get an education? Do you want to believe someone who tells you what you want to hear like this attorney did?
Only you can decide if negotiating with your bank to save your credit will be worth it in the long run. What were the terms of the proposed short sale that my clients didn't like? Sign a promissory note for $7000 payable over 10 years with no interest. They spent $2700 on the attorney, which if they would have applied it to the note, would have left them to pay $4300 over ten years. At zero interest, that's 36 bucks a month. That short term decision cost their child's future.
If you are facing foreclosure in AMERICAN CANYON and want information on the short sale process from someone who has seen what really happens to people's lives after letting a home go, please contact me. Many AMERICAN CANYON short sales have been successfully negotiated. Your AMERICAN CANYON short sale can be successful too.
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