As a Short Sale Specialist in the Atlanta area, I run across all kinds of people in a variety of hardship circumstances. The first thing I need to do is figure out if a Short Sale is right for them. It is not for everyone, and I only take on the Short Sale if it is right for the client.
After hearing what has caused the current hardship, I try to help the client understand their options. Each situation is different, and there are no clear lines to which option is best. Generally, though, there are seven different options.
- Refinancing. Can you qualify for another mortgage, one that you can afford? That's always the best option.
- Selling the house as a normal transaction, even if it means bringing cash to the table - if you can.
- Working out a plan with the Lender. Amicable settlement is better for everyone.
- A Short Sale. The lender must agree to accept less than the principle and not hold the seller responsible for the difference.
- A deed in lieu of Foreclosure. Give the house to the lender to terminate the mortgage. The homeowner might be responsible for the difference between what the lender sells the house for and the principle.
- A Foreclosure. The homeowner loses the house and their credit rating is damaged.
- Walking away. This is the absolute last resort. The homeowner's credit rating is heavily damaged.
Let me help you figure out what option is best for you. Give me a call, or leave a question or comment here. I'd love to hear from you.
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