Short Sales are not as common in Wisconsin as they are in many parts of the country. There are consumers and realtors alike that are uninformed and misinformed and we see it as part of our job to provide information about short sales...correct things that people believe that are not true...and explain things that are true in an effort to save more sellers from foreclosure.
One of the myths that we have heard recently is that if a seller choose to...they can take all the debts that they have...medical, credit cards, tax liens and have them put as liens against the house. They believe that all these debts will then disappear when they list their home as a short sale...they get an offer and the bank will magically make all the debts disappear.
Many sellers who cannot pay their mortgage begrudge the bank for ever having lent them the money in the first place. "They knew I could not afford the __________increased interest rate, the HELOC to the level that was loaned....
Banks do pay some costs associated with a home...the property taxes...water and sewer bills. We have had lenders argue that water bills were too high...even after they were submitted, not just claimed as part of the short sale package.
The bank is not the magic for eliminating all debts.
A short sale is a far better solution than foreclosure which can mean a much longer period of recovery for credit scores...possible garnishment...and other problems.
If you are unsure if your situation qualifies for a short sale and what that could mean to you....Give us a call...no matter where you are in the country, we can refer you to a Short Sale Specialist who can explain the options available for your specific situation. Locally: 414-525-0563 or Toll Free: 877-525-0563...Calling sooner than later will give you more options to solving your situation.