Short Sale Specialist in South Miami, FL. If you are facing foreclosure in South Miami, FL, working with a short sale specialist will give you the opportunity to explore alternative options available to you. You do not have to go through a short sale if it is not a good fit for your situation. Yet, it could end up being the best long term decision if you are the right candidate. For example, you can attempt to get a loan modification, in which your lender sets new terms that are (hopefully) more affordable for you. In my experience, many loan modifications are extremely frustrating and in the end, most applicants are rejected because of the Lender's negligent reasons. For example, some homeowners trying to get a loan modification say they have repeatedly sent in their documentation and the Lender then "loses" it.
The next best option may seem to be foreclosure. In the short term, you can potentially save money without making mortgage payments for months, but your credit score will suffer gravely. According to the Distressed Property Institute, which trains real estate professionals and educates homeowners about foreclosures, a foreclosure may cause a homeowner's score to fall 250 to 300 points, and will weigh down the score for more than three years. Also, most homeowners do not realize that they are still held accountable for the defiency amount owed after the foreclosure sale. For example, if you owe $250,000 towards your mortgage and it sells in foreclosure for $150,000, you are still responsible to pay the Lender the $100,000 balance. This deficiency will prohibit you from being able get a loan for another property, a car, or even to just open a credit card. A short sale that is negotiated by a specialist, on the other hand, will be reported on a credit report as "paid as negotiated", the loan will be satisfied and released, and the short sale can lower a score by 50 points for 12 to 18 months.
If you are in financial distress with your house in the City of South Miami, and would like to see if a short sale specialist can assist you, feel free to contact me to discuss your options. Visit my website for additional information. Or I can be reached directly at (305) 496-6693.