Bradenton Short Sale Help - Why Short Sale? – FREE information on Foreclosure Defense, Mortgage Modification, Tax Consequences, Deed-in-lieu-of-foreclosure, Short Sales, Deficiency Judgments, Bankruptcy Referrals & more. John Michailidis, SaraMana Properties – Phone: (941) 822-5221
Bradenton Short Sale Help - Key Advice For Those Facing Foreclosure . . .
If you are a Bradenton Florida property owner facing foreclosure it's important for you to understand your options. Foreclosure need not be inevitable, in fact it is almost always avoidable.
Loan Modification
This is a real possibility for an EXTREMELY small number of homeowners. A few thousand successful loan modifications have been reported nation-wide out of MILLIONS of properties facing foreclosure. You MUST contact your lender to attempt a mortgage modification, but if you put all of your faith in this approach there is a 99%+ chance that you will be disappointed, and the property end up in foreclosure.
Re-Finance
If you are still working, and your credit is still sound, and you have a good deal of equity in your property, then this is a possibility. Unfortunately, if you still had good credit and income you probably wouldn't be facing foreclosure in the first place!
Conventional Sale
If the current market value of your home is more than the current mortgage balance, you can sell your property, pay off the loan, and avoid foreclosure.
*Short Sale
Realistically, this is the BEST option in MOST every situation. This is true, because the national mortgage crisis has, in most circumstances, caused property values to fall below current mortgage balances. In order to sell the property (thus completely avoiding foreclosure) the bank will have to allow a sale for LESS (a "short sale") than the payoff amount.
So, why would a lender allow the property be sold for an amount less than the payoff? Well, you can be sure that it's not out of kindness. Truth be told, they do it because it most often makes good business sense for them to do so.
Think about it . . . If a bank forecloses they will have to then sell the property in order to get back their money. It makes sense for them to let you sell it (which they would have to do anyway if they foreclosed) and eliminate the extra time and expense of foreclosure.
Another question that you're probably thinking at this point is, "Why should I bother with a Short Sale -- why not just let the bank foreclosue"? The fact of the matter is that not only does the short sale benefit the lender, but it also benefits YOU!
A foreclosure affects your credit more adversely than does a short sale. Also, if the bank forecloses, who do you think they are going to go after to pay for the foreclosure and court costs? You didn't think they were going to pay for it themselves, did you?
A Short Sale is most likely your best option when facing Foreclosure because:
- It has less of a negative impact on your credit.
- You avoid the very real possibility of being stuck for a Deficiency Judgment that includes all of the legal and court costs of the Foreclosure.
- It gives you a better chance of getting back on your financial feet, faster.
The SaraMana preForeclosure & Short Sale Assistance Team helps Short Sale Buyers, and Property Owners in Sarasota, Lakewood Ranch, Bradenton, Venice and throughout Manatee & Sarasota Counties Florida to STOP F oreclosure, potentially Avoid Deficiency Judgments, Successfully Short Sale their homes, and move on with their lives.
For more information, Call 941-822-5221, or use this ONLINE FORM.
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