St Anthony Short Sale versus St Anthony Foreclosure, which is the best option? In almost all cases, a St Anthony Foreclosure is a bad option if you have the choice of doing a St Anthony Short Sale. Why is this? If you think about it, it starts to make more sense.
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Let's look at the differences between a St Anthony Short Sale and a St Anthony Foreclosure. A St Anthony Short Sale is when you need to sell but owe more then your home will sell for. The process similar to a normal sale in some ways.
1. You need to sell. (same)
2. Your home is worth less then you can sell it for. (different)
3. You contact a Realtor. If you are looking in Minnesota, you can contact us. Do not use a Realtor that does not have free information and/or St Anthony Short Sale video on their website about St Anthony Short Sales. The choice you make when picking a Realtor will in most cases determine if you will be successful or not with your short sale. Find someone like us that has helped hundreds of homeowners with their foreclosure or short sale needs versus 99% of the agents that have done less then five short sales. This will increase your chances of being successful from about 30% to about 90%. (similar)
4. You negotiate with the bank if you chose a bad Realtor or we negotiate if you picked us. Most people agree that negotiating for yourself has some very big negatives but you need to do what you are comfortable with. (different)
5. We negotiate for the bank to pay your closing costs and fee's. (different)
6. Your lender pays your Realtor fee's (different)
7. You sign at closing to sell your home. (same)
If you are missing your payments and you do nothing, you will most likely end up as a Foreclosure in St Anthony. The process can take five weeks, it can take nine months, it can take a year depending on your situation. Once your Minnesota redemption period ends, you must leave your home. Let's talk about the main problems with letting your home become a St Anthony foreclosure versus a St Anthony Short Sale.
1. The bank does not want to force you into foreclosure. It is much better for them to allow you to do a St Anthony short sale versus ending up as a St Anthony Foreclosure. They will work with you if you just follow the instructions that they give you.
2. A St Anthony Foreclosure will double or triple the time it will take for you to fix your credit and get another loan on a home. This might be far down on your list now but why ruin your credit for longer then you have to.
3. If you have private mortgage insurance, the private mortgage insurance company may pay part or all of the money that the bank loses. The problem is that they will come after you once you have become a St Anthony Foreclosure. Having a collection agency going after you for ten or more years may not seem like a great option to most people.
4. If you have more then one loan, the junior lien holders are still owned the money they have lost after you St Anthony Home Forecloses. They can and will come after you and file a deficiency judgment which you will have to pay. If you do a St Anthony short sale instead, we can get the second mortgages to settle.
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