www.fastcash.org When you are about to lose everything that you have invested in
your home you need to ask yourself, what is a short sale and how can it
help me. This simple procedure could save your credit rating, get some
of your debts reduced, and get you out of difficult situation.
Things happen that can not be avoided sometimes. Jobs are not as secure as they were in our ancestors day. We do not always have the chance to retire with the gold watch. Health issues come up that insurance will only partially cover, or in some instances, will not pay at all.
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As time goes along it can get harder and harder to make the mortgage payment. Finally the lender tells you to pay off the past payments and late charges or get foreclosed on. When this finally happens you have several options to choose from. Some will help, some may not, but something has to be done either way. This might be a good time to ask someone what is a short sale and will it help.
The best option, locating the money and paying off all of your back charges, is the best one. But, unfortunately, that is not always possible. After all, if it were a viable option, you would not be where you are now. But it is always worth the attempt to try to save yourself a lot of problems down the road.
The next option would be to let the banks go ahead and foreclose on you. With this choice, you would leave your home in the hands of the bank, who would then dump it on the market, trying for the best price they could get. This would recover some of their loss and leave you with nothing, as well as still being deep in debt.
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In addition to this you would have this tragedy reflected on your credit rating for at least the next ten years. When you are financially secure at a later date and you are in the market for another home, it will not be an easy process. Sellers will have that once bitten, twice shy attitude. What would prevent you from doing it to them also.
The next option could work out for you in the end. When you have discussed all of the other choices and can not see where they would work for you, consider your last option. The way this works for you is to find someone that will buy your house at a loss to you. If the bank agrees they take the loss.
When it comes to pre foreclosures it is possible that you might have to split the loss amount with your lender or make some other form of payments to them. But you would be out from under the major portion of your household debt. In addition to the bank making less off of your sale, the real estate agent would be stuck with a smaller commission, so finding one that would settle for that might be a problem. Also be prepared for the possibility of tax liabilities that could be involved. Now you know a bit about what is a short sale. It is a possible solution to your problems.
Things happen that can not be avoided sometimes. Jobs are not as secure as they were in our ancestors day. We do not always have the chance to retire with the gold watch. Health issues come up that insurance will only partially cover, or in some instances, will not pay at all.
As time goes along it can get harder and harder to make the mortgage payment. Finally the lender tells you to pay off the past payments and late charges or get foreclosed on. When this finally happens you have several options to choose from. Some will help, some may not, but something has to be done either way. This might be a good time to ask someone what is a short sale and will it help.
The best option, locating the money and paying off all of your back charges, is the best one. But, unfortunately, that is not always possible. After all, if it were a viable option, you would not be where you are now. But it is always worth the attempt to try to save yourself a lot of problems down the road.
The next option would be to let the banks go ahead and foreclose on you. With this choice, you would leave your home in the hands of the bank, who would then dump it on the market, trying for the best price they could get. This would recover some of their loss and leave you with nothing, as well as still being deep in debt.
In addition to this you would have this tragedy reflected on your credit rating for at least the next ten years. When you are financially secure at a later date and you are in the market for another home, it will not be an easy process. Sellers will have that once bitten, twice shy attitude. What would prevent you from doing it to them also.
The next option could work out for you in the end. When you have discussed all of the other choices and can not see where they would work for you, consider your last option. The way this works for you is to find someone that will buy your house at a loss to you. If the bank agrees they take the loss.
When it comes to pre foreclosures it is possible that you might have to split the loss amount with your lender or make some other form of payments to them. But you would be out from under the major portion of your household debt. In addition to the bank making less off of your sale, the real estate agent would be stuck with a smaller commission, so finding one that would settle for that might be a problem. Also be prepared for the possibility of tax liabilities that could be involved. Now you know a bit about what is a short sale. It is a possible solution to your problems.