There is an alternative to Foreclosure... it's called the shortsale!!
- A foreclosure will ruin your credit and will be on your report for up to 20 years!
- Your are responsible for the difference on the amount of debt.
- A deficiency judgement on your credit.
- The sheriff puts you outside the home.
- Court settlement.
- Big attorney fees.
- Can't buy in again for 10 years.
- You pay the difference at the closing table (sometimes tens of thousands of dollars)
Advantages of a Short Sale:
- A shortsale can removed from your report after only 6 months!!
- A shortsale shows as a PAID IN FULL!!!
- Your credit is saved.
- Negotiated settlement.
- Bank pays your attorney fees.
- Bank pays violations on the home.
- Bank pays debts associated with passing a clean title.
- Can buy again in 2 years (maybe less).
- Your debt is eliminated.
- Bank pays your Realtors fee.
- UPDATE President Bush signs Mortgage Forgiveness Act (e-mail me to get your own copy).
Watch this Video
Not every loan will be negotiated as a shortsale by the bank. There are certain guidelines (every bank is different) Contact me and I'll help you if you qualify to do a short sale. ProRealtor@verizon.net
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