If you have purchased your home more than two years ago, chances are you may be upside-down, or underwater, on your loan, meaning you owe more than the market value of your home. If you are experiencing financial hardship and having difficulty making your mortgage payments, you will want to know the options that are available to you.

Facing foreclosure is a stressful time, and many homeowners may not be aware that a short sale is an available option. If trying to keep your home, either through a loan modification or through bankruptcy, you may reach a point where either of these solutions is not workable.  Rather than walkaway, you can short sale your home. 

A short sale is the same as selling your home in a standard sale, except that the short sale must be approved by your lender (or lenders, if you have more than one mortgage).  The reason it must be approved by your lender is because they are agreeing to accept a lesser payoff amount on your loan than what you owe. 

Short sales are becoming more common in our real estate market.  Banks and mortgage lenders are approving short sales everyday, and there are advantages for a buyer to purchase a short sale, rather than a foreclosure. 

If you would like to learn more about short sale as an option to avoid foreclosure, please feel free to contact me for a free consultation.

 

Pamela Seley, REALTOR®
CA DRE lic # 01824145 | Dir 951.491.4063 | pamelaseley.com | Getting Your Temecula California Home In Order to Sell | ColorYourUniverse

Serving Southwest Riverside County California| Hemet/San Jacinto Valley, Temecula Valley, Murrieta, Menifee, Winchester, Lake Elsinore, Canyon Lake, Corona, Moreno Valley, Wildomar | Serving South San Bernardino County | Loma Linda, Highland

Find out what your home will sell for in today's market, contact Pamela Seley, REALTOR® at 951.491.4063 today.

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All information deemed reliable, but not guaranteed. Copyright © 2009-2013 by Pamela Seley, REALTOR® 

 

1 Comments on Avoid Foreclosure -- Short Sale is an Option

JUN
17
2010
483,884 Points 59 Featured Posts Outside Blog Called Shot Master

I'm amazed at the number of home owners who are still waiting too long to get a modification or a short sale approved.  Living in denial is costing folks their homes ... still!  Great blog!
1:27pm • #1


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Pamela Seley, REALTOR® Call 951.491.4063 | Temecula Valley CA

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Temecula, CA

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