Foreclosure? Deed-in-Lieu of Foreclosure? Short Sale?
If you’re in trouble with your California mortgage, which remedy is right for you?
Let’s look at foreclosure:
a. You lose your home in an unpleasant courthouse sale and subsequent Sheriff eviction.
b. Your credit report reflects a foreclosure for many years after the fact.
Not such a good deal, even if it is an easy way to get rid of a California property that is worth less than you owe on it. The common advice “just walk away from it” can prevent you from buying another house, getting consumer credit ─ it can even keep you from getting a job! (Nothing like piling on the misery, right?) Foreclosure is something to avoid at nearly all costs!
Deed-In-Lieu of Foreclosure:
a. You lose your home
b. You may hire an attorney who helps you arrange to trade your equity in your home for forgiveness of the amount owed on the mortgage.
c. Deed-In-Lieu of Foreclosure stays on your credit report for several years preventing you from moving on with your life. This option is regularly considered the same as a foreclosure.
That leaves short sale.
a. You sell your home.
b. You and your short sale agent prepare for the sale. If you’re in California, your agent should be a short sale expert with The Homefinding Center™, of course!
c. You or your short sale agent show it to obtain offers for possible submission to the bank.
d. You and your short sale agent negotiate the best possible contract for sale.
e. You live in your Eastvale home until closing which can take anywhere from 3 to 14 months depending on how fast you want my team to process your short sale.
f. After closing, you walk away with no house and no money, but...
g. Your credit report reflects that the bank accepted the short sale payoff through an acceptable negotiation and you can qualify for a new home loan in as little as 15 months.
From where I sit, a short sale is a terrific option for most Eastvale sellers facing an impending foreclosure. In all of the options, you lose your house. In each one you walk away with no money from the sale of your house. Finally, in every option, your credit rating is going to take a hit. Short sale with its two year duration on your credit report betters a Deed-In-Lieu of Foreclosure’s additional years by 100%, and foreclosure’s even longer reporting period is holding you back 150% longer than short sale.
This one’s a no brainer! Selling
your Eastvale home through a short sale negotiation wins
hands down. Your dignity stays pretty much intact; you
keep your roof over your head buying time to relocate
while your house is on the market, your time in credit
purgatory is limited to about two years, less than half
of what it will be if you follow the popular advice to
“just walk away.”
Contact the #1 Short Sale Team in Southern California today at 951-212-7479 for FREE help with your short sale negotiation. We’ll help you through the entire process with a minimum of headache for you to deal with.
Wanting to make a good decision is smart. Waiting too long to make that decision is not. Call us today so we can discuss your options.
Here are some of my previous articles:
Eastvale Short Sales and Seller Distress
Looking for a Real Estate Agent?
Creative Marketing From Monkeylectric - Very Cool
If You Have Two Jobs, You Haven't Mastered Either Of Them
Corona, California Short Sales and YOU
What Is Title Insurance You Ask? Here's An Explanation.
Call The #1 Corona Short Sale Agent Team Today - It's FREE
How is my yearly Mello Roos special tax assessment calculated?
One Minute Coaching Session - Do this and you'll go far...
How much should I offer for the house I want to buy? Not to worry...
Zillow and why it's not your best friend
Eastvale Short Sale Agent
The Homefinding CenterTM
Serving Corona, California and Surrounding Areas
© Copyright 2010 by Cameron Novak.
Here are some helpful Corona, California website links:
- Eastvale Home Search
- Corona School info
- Corona Statistics, Demographics, & Info
- Eastvale Short Sale Agent
- Corona Crime Maps
Corona City Website