Many homeowners in Texas can no longer make their house payment because of various reasons and feel their only option is letting the home go back to the bank; otherwise known as foreclosure. However there is another option, and that is called a Short Sale. If you are facing difficulties, this could be an option because it would allow you to let go of your home without ruining your credit.
A short sale is when an experienced realtor negotiates the selling price of your home with your lender. Most times the bank will accept less money and forgive the remaining debt. Choosing a short sale instead of foreclosure is a quicker process and is less expensive. Also, foreclosures look worse on your credit because the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. Short sales are arrangements where the bank and homeowner work together to sell the home, with the help of a realtor experienced in short sales.
If you need more information or have more questions, please contact me.
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