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Why Choose A Short Sale Vs. Foreclosure in 2015?

By
Real Estate Broker/Owner with Connect Real Estate - REALTOR / BROKER DRE # 01427063

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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Connecting Ventura County's Best Home Sellers and Home Buyers...!

 

Temple Schneider Callahan, RE BROKER

Certified Short Sale Specialist

Connect Real Estate Services

BRE: 01427063

Ventura, CA

email: Temple@ConnectRES.com

www.ConnectRES.com

www.YouTubeChannel.us

www.FaceBook.com/Temple.SchneiderCallahan

Direct: 805-208-6024

 

Comments (4)

Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Temple

Thanks for the post and information. Have a great week

Feb 07, 2015 07:51 AM
Winston Heverly
Coldwell Banker Access Realty - South Macon, GA
GRI, ABR, SFR, CDPE, CIAS, PA

I am just wondering what year they will do away with short-sales all together.

Feb 07, 2015 11:39 AM
John Pusa
Glendale, CA

Temple - Thanks for the good information on difference short sale vs. foreclosure in 2015.

Feb 07, 2015 12:20 PM
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

It is confusing for many sellers and your post is very clear. I guess the main thing sellers think is a short sale has no down side. so as agents we have to clear up a lot of facts and misconceptions

Feb 09, 2015 12:56 AM