In this economy, you may be finding it difficult to pay your Tampa Bay home mortgage each month, falling farther and farther behind as time goes by. Are you worried about the bank foreclosing on your home with little notice? Foreclosure isn’t the only option; a short sale may better suit your situation.
Losing your home isn’t the only consequence of a foreclosure. Your credit rating will suffer for up to seven years, making it difficult to finance another home in the future. And if you do find financing, a higher interest rate will surely be involved, since future lenders will be aware that you have previously lost a home and will be cautious about working with you.
A better option to avoid all these negative consequences comes in the form of a Short Sale. A short sale is a great procedure which allows you to sell your Tampa Bay home below market value; making a short sale a proactive choice. Yes, your credit will suffer but not nearly as bad as it would if your bank were to foreclose on your home.
For a short sale, you must seek permission from your lender to sell this way; the lender always has the final word. Also, there are many stipulations involved and the short sale process can be difficult, so it’s always best to hire a short sale specialist to ensure that all your paperwork and provisions are dealt with exactly as the bank stipulates.
If you are weighing the options of a short sale, contact, me, John Soliman to help guide you successfully through the short sale process. I am a Certified Distressed Property Specialist and my consultation is completely free with no obligation. I want to help you make the best decision that is right for your current situation and your future. Call me at 813-442-3246.
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