Foreclosure in the United States hit an all time high in the year 2009. There were 3,957,643 foreclosures filed in 2009, a 31% increase over the previous years. Foreclosure filings were reported on 349,519 U.S. properties in December, a 14% jump from the previous month and a 15% increase from December 2008. The December number is particularly depressing because it shows that the foreclosure problem is not even close to going away. The federal government efforts to modify mortgages did not stop foreclosures because of the rising unemployment and underwater mortgages. Many people home loans worth more than the homes themselves. Many experts believe that 2010 may be the year in which the number of foreclosures drops compared to 2009 but it may not drop by much. Do you see yourself getting in to this situation of foreclosure?
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For home owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a short sale. A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning less money than is actually owed. In other words, the difference between what you sell the house for and what you owe on the house is forgiven. You'll also avoid a foreclosure on your record. How do you start the short sale process?
The first step is the most important to people who want to sell their home in a short sale. Find a highly experienced real estate agent who has done a short sale before many times. You cannot do this process by yourself or with someone that is not experienced. An experienced short sale real estate agent will give you a much better chance of successfully short sell your home. The real estate agent will be able to deal and negotiate with the lender on your behalf. The longer you wait to get started in the process the less chance you will have of success. You need to start doing research on agents to start the short sale process if you're getting behind on your payments or have already received a notice. Even though sometimes short sale may take a couple of months be ready to leave your home quickly if needed. Why is short sale a better process than foreclosure?
The best part of selling your home as a short sale there is no foreclosure. Foreclosure can be a very hard, emotional and stressful process for you and your family. It can take anywhere from six to twelve months for a foreclosure to complete. Also, it will be on your credit for seven years or more. If you short sale your home it will give you some control over the process by finding a buyer of your chose and negotiating terms with the bank.
By choosing to do short sale you are minimizing damage to your credit score. This means you and your family will get back on your feet faster. You'll be eligible to purchase another house faster than if you entered foreclosure. A big plus is that you will not owe anything after the short sale to the lender.
The Jerry Pinkas Team is the local experts in Myrtle Beach. It's all about helping people that are upside down on their mortgage. We help stop foreclosure through the short sale process. With the clock ticking our skilled team goes to work to bring in buyer fast, and then negotiate with the mortgage company to get you out of the mortgage commitment. It would be a win-win situation for the buyer, the seller and the bank. Everyone wins. Don't wait until it's too late to call us 843-839-9870!