If you're experiencing a financial hardship that has caused you to fall behind on your house payments, there is hope.
1. Don't feel embarrassed. With the recent economic downturn, many people are going through the same experience you are. You are not alone.
2. Don't give up. Communicate with your lender - the worst thing you can do is try to ignore the problem. Since late payments are so common in today's lending environment, many lenders will work with you to lower your payments or help you work out a loan modification.
3. Foreclosure isn't the only option. If you can't qualify for a loan modification or you think you have no other options, a short sale may be your next step.
With those points in mind, you may be wondering what exactly a short sale is and what it means for you as a seller.
The simplest definition of a short sale is: When you have a hardship that is preventing you from making your payments and your house isn't worth what you owe the bank. For example, if you owe your lender $200,000 but your home is only worth $175,000, a short sale allows you to sell the home at the current market value.
PLEASE NOTE: Whether or not you will have to pay back the amount shorted, pay taxes on the amount shorted or if the shorted amount will be forgiven varies from lender to lender - it is important that you consult your tax advisor and/or attorney for detailed information regarding your specific situation.
If you're facing foreclosure and want to explore other options, we can help. At Goshen Realty Group we will be your guide through the process. We'll provide you with the information and tools needed to successfully sell your home as a short sale.
Our team is set up to help you reach your goal of selling your Edwardsville home as a short sale. Kristina Pratt is one of our team members who is a REALTOR that holds the SFR designation - Short Sale and Foreclosure Resource. This designation is earned from the National Association of Realtors and trains agents on the intricacies of the short sale and foreclosure process. Goshen Realty Group also offers sellers the expertise of a transaction coordinator that has successfully closed numerous short sales, and REALTOR Nancy Milton who holds the GRI designation.
If you're wondering if a short sale is right for you, contact us today.
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