Greater Fall River MA- You do not have to let your home go into Foreclosure. If you do not have equity in the home, meaning you owe more than the home is worth and you need to sell, you should consider a Short sale. When you do a short sale Your lender pays the real estate agent & other closing costs allowing me to help you for No Cost.
A "Short Sale" will avoid the embarrassment, humiliation and stress of a foreclosure and have less of an impact on your credit. In a Short sale you put your home on the market with your Realtor, starting at market value. When a buyer is found the paperwork is submitted to your lender, asking your mortgage holder to take less or "short" of what is owed to them. Lenders prefer a short sale because it saves them time & money. As your Realtor I market the property agressively and work closely with an attorney that handles the short sale for you, ( There is no fee for my services or the Attorney ) Using an attorney gives you a layer of legal protection... at no cost to you !
Benefits of Short sale over Foreclosure.
In a Short sale:
* negotiate with the bank (s) to pay all fees including real estate agent & Attorney
* seller's credit bruised
* Most likely will not have income taxes due ( seek an accountant ) tax laws change often
* peace of mind, move on with your life. You have a decision in the sale/move date.
* buy a home sooner
* liens negotiated, request lender to forgive the debt. Most cases your loan is " Forgiven" no liens
* If you qualify you may be given up to $3,000 from the HAFA program ( HOME owner occupy only )
* foreclosure notice, auction notice and court settlement advertised in the local newspaper (embarrassing)
* A foreclosure is considered one of the most serious defaults possible on a credit history. That could make it difficult to rent an apartment,secure a job, get a line of credit or buy a home. Some insurance companies also charge higher rates for persons with bad credit. A foreclosure could affect your life for years to come.
* Bank most likely will file a Deficiency Judgement against you. In addition to the money they lost on the loan amount. All fees will be added. Including the Auction, Hefty attorney fees, taxes, realtor commissions etc. They want you to pay the money they lost back. You are obligated to repay the money. Estimated at $30,000 for most lenders to foreclose added to your loan balance
* Auction on your front steps while you are still in the home
* No peace of mind- Can be put out of the home on short notice by a Sheriff at the door
* Cannot buy a home again for 5 years -10 years
* all liens exhausted
Call me today at ( 774 ) 930-8181 for more information All calls are confidential and you are under absolutely no obligation. Or email KarenMartin1@remax.net
Karen Ann Martin Realtor Re/Max Right Choice Real Estate Fall River MA Short Sale Resource
Call me today the worst thing you can do is nothing (774) 930-8181
* Disclaimer: This information is provided to give you an idea of your options. I strongly advise you to seek legal, tax and other advice from professionals in those areas .