If you’re having financial difficulties and finding it impossible to keep up with the payments on your Los Angeles area home, choosing a short sale over waiting for foreclosure could be just as important for your health as it is for your finances.
How can waiting for foreclosure damage your health?
Waiting for foreclosure causes mental and emotional stress – and stress can have a devastating effect on your health. When you simply stop making payments and wait for the bank to foreclose, you suffer from these stresses on two fronts.First is theembarrassmentof having a notice attached to your front door, so all the neighbors know you’re having problems. Even though your situation may have been caused by forces outside of your control, you might feel like going into hiding.Second, because you’ve given up control of your future, you’ll suffer fromthe stress of uncertainty.Not knowing when you’ll be required to pack up and move will prevent you from making any long range plans and will keep you in a state of constant dread.
When you choose a Los Angeles short sale over allowing a foreclosure, you will no longer feel that life is beyond your control. Your dignity will be preserved, and you will know when the closing date will be long before you have to move.
And of course, a short sale will be more favorable in terms of your financial future.
The impact on your credit scores is not as severe, and you’ll be eligible to purchase another home in as little as 2 or 3 years. In some cases, you could be eligible immediately.
A short sale will also save you from any liability on a second mortgage – while a foreclosure leaves you vulnerable to a deficiency judgment.
When you work with an experienced Los Angeles short sale agent, you can take back control of your life – and protect your health by eliminating an unnecessary stress.
For more information on short sales in Los Angeles County and buying or selling property in Silver Lake, Echo Park, Los Feliz, and surrounding areas, call me at 213-215-4758 and I’ll be happy to go over the specifics of your situation with you and make recommendations on your best course of action.