Why Short Sale vs. Foreclosure- Homes for Sale, Redding CT 06896
Homes for sale, Redding CT 06896
MYTH- I can’t afford to pay my mortgage payments! I stress about how I will find the money to pay my next payment. All my other bills and providing for my family is way too much stress. I give up. I have no other option, but to have the bank foreclose on my property.
FACT- I want you to know that you have options. Allowing the bank to foreclose will not relieve you from your debt nor give you a clean slate. What will help you is the process of a short sale and the Mortgage Relief Act.
To have a better understanding on the Mortgage Relief Act:
Please see my previous blog on the Mortgage Relief Act .
What is a short Sale in Redding CT?
We all hear the term “short sale” thrown around. But what is a short sale?
A short sale is when your bank agrees to accept less than what you owe on your mortgage to AVOID foreclosure on your property. For the bank to approve you though, your house must be worth less than what you owe on your property. And 2nd you must have proof that you are facing hardship, and therefore cannot continue to pay for your mortgage.
Shorts sales have become more and more popular as the years have gone on.
So before you walk away from your mortgage and allow your home in Redding to be foreclosed on, know that:
1. Foreclosure will not relieve you from your financial suffering
2. Options are out there that can help. SO DON’T PANIC. REMAIN CALM and call Dagny at 203-858-4853. I will help you navigate through this process and help you further understand your options.
Homes for Sale Redding, CT 06896
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