What Are The Advantages Of Short Selling Your Sarasota / Manatee County FL Home?

What Are The Advantages Of Short Selling Your Sarasota / Manatee County FL Home?

Many Sarasota, Bradenton and Venice Florida area homeowners facing foreclosure don't realize that they have options. Being unable to maintain your mortgage payments does not make a foreclosure a forgone conclusion. Of the several pre-foreclosure options available, a short sale is one option that offers several key advantages to homeowners facing foreclosure:

• Allows the homeowner to avoid foreclosure -- not having a foreclosure on one's record can be a huge positive.

• The negative impact on a homeowners credit score is much less than the impact of a foreclosure -- allows you to "bounce-back" faster and move on with your life.

• Lessens the likelihood of a negative impact on the homeowner's future employment opportunities -- many employers consider a candidate's credit scores and past financial history when making hiring decisions.

• Lessens the likelihood of a negative impact on the homeowner's future housing opportunities -- borrowers with a short sale on their record can often qualify for another mortgage in as little as two years, as opposed to up to seven years or more after a foreclosure.

• A Deficiency Judgment can often be avoided -- a short sale may lessen the likelihood of an ongoing debt to the lender.

• If the lender participates in the government backed HAFA Short Sale Program, the homeowner may be able to receive up to $5,000 to complete the sale -- lessens the financial burden on the homeowner as compared to a foreclosure.

Just because you can't maintain your mortgage doesn't mean a foreclosure is inevitable. The negative effects of a foreclosure on one's financial health and future can be great. In exploring your pre-foreclosure options, make sure that you fully investigate the benefits of pursuing a short sale.