Bellevue WA – The Stop Foreclosure Institute recently received a question from Kathy. “Why would I short sell my house instead of saving the monthly payments and letting it go into foreclosure?” Kathy asked.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is our answer. If you stop paying your mortgage, then you can live in your home rent free for 12-24 months, depending on the state you are located within.
I have seen lenders wait a year after the first missed payment just to file for foreclosure. Yes, you can live in your house for free for a long time. However, a short sale has many advantages over a foreclosure.
It does less damage to your credit and allows you to buy another home in 3 years versus the 5-7 years after a foreclosure. In addition, you can get some money as an incentive for doing the short sale.
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