WHY CHOOSE A SHORT SALE Vs. FORECLOSURE in 2015?
If you are unable to make your mortgage payment in 2015, it is still more beneficial to do a short sale, rather than just walking away, and giving your home back to the bank in a foreclosure.
A foreclosure is considered to be an "abandonment of debt" by banks. This label is damaging and sticks for quite a while. A foreclosure is held against you by future creditors, employers and even Landlords, for several years.
In addition to negative credit score implications for a foreclosure, any 2nd or 3rd position lender (your 2nd mortgage or 3rd mortgage), can file what's called a “deficiency judgement” against you, swiftly followed by a law suit against you for their losses - during the foreclosure process. At that point, you're out of options - with bankruptcy generally being your only remaining protection.
If you decide to short sell your home instead - the best option - it's important to work with a Realtor trained and experienced in navagating through the short sale process. Ask this person if they will negotiate ALL debt associated with ALL liens against your home. Be sure to ask that all the debts are settled at the time of your sale - not later. This will release you from all liability, under our current debt forgiveness Federal and State laws, and set you free!
You'll want to work with a trained professional who has a proven track record of success, and great client testimonals.
Looking forward to helping you, just like I've helped countless other Ventura County families! Contact me to discuss your fresh new start..
Temple Schneider Callahan, RE Broker
Certified Short Sale Specialist
Connect Real Estate Services
(805) 208-6024
email: Temple@ConnectRES.com
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