WOW, I just helped some homeowners from making a HUGE Mistake. They are soon to be starting to miss their payments because of a financial hardship...so they called their bank. The BANK Told them it would be very simple to do a Deed in Lieu of foreclosure, and that a Short sale might take too long. (Heck, they aren't even behind on their mortgage yet?!).
They didn't understand that a FORECLOSURE and a DEED-in-Lieu are practically the same thing! (Deed-in-Lieu is the 2nd worst thing). For the next 7 years, when they fill out applications, it always asks..."Have you ever had a Foreclosure or given a Deed back in lieu of foreclosure"...and you will HAVE TO SAY "YES".
It never asks, "have you done a short sale?" So, if you are current on your payments, and do a Successful Short Sale, it will not be reported on your credit as any missed mortgage payments....and you are SO much better off!!
Doing a Short sale is DEFINITELY the best way to go!!!
My clients were so excited that we were put in each others way. Isn't that great...that everything happens for a reason!!!
They actually called me about a rental I had listed, and I asked a few questions, about when they needed it, and where they were living now. They told me their situation and I went right over to talk to them, to explain the difference of a Deed-in-lieu and a short sale.
I LOVE HELPING PEOPLE....especially when MANY people don't know who to ask....I just wish we could share our Real Estate Wisdome with more people. It's such a shame when they call the bank, expecting to get a professional opinion...and then they get the worst suggestion ever!?
Keller Williams Realty Jacksonville
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"A Straight Shot to a Successful Closing!"