How to avoid a foreclosure and a brief explanation of what a short sale is:
A short sale happens
when a distressed homeowner seeks permission from their lender to sell their
home at a price less than what is owed on the home with hopes of the lender
accepting a lower payout upon completion of the short sale.
How can I qualify for a
qualifications are based on financial hardships or sometimes just simply being
underwater in your home. Some typically accepted hardships may be:
Excessive Medical Bills
Death of a Family Member
These are only a few
examples of usual qualifications for a typical short sale. Contacting Wallstreet
Realty and speaking with one of our short sale specialist is the first step.
Each short sale and situation is different. We will take the time to list and help
you understand what your particular situation stands with your home.
Can I do a short sale
without missing payments?
Yes. Short sales are for
qualified homeowners who are delinquent in their mortgage or may foresee the
possibility of falling behind on their mortgage payments. In fact, opting for a
short sale early on and before any mortgage payments are missed can be a huge
benefit to the outcome of a short sale. Homeowners who short sale without
missing payments typically have the ability to qualify for another loan shortly
after the short sale while also salvaging their credit score. Damage to ones
credit from a short sale is mostly due to the already missed mortgage payments;
which can cost up to 30 or more points per missed payment.
Why is a short sale
Short sales have the
ability to get you back on track in as little as two years; which seems like
sufficient time to save money and establish credit. A foreclosure can damage a
credit score by 300+ points while also making it almost impossible to qualify
for a loan for almost ten years. A short sale will also only read “Paid as
negotiated” whereas a foreclosure will keep its title preventing possible
career paths in the future; yes, some employers turn to ones credit before
making a hiring decision.
Can I stay in my home
while the short sale is in progress?
Of course. You will not
be asked to relocate from the home until the completion of the short sale.
During the remainder of your stay in the home it may be wise to save what money
might be coming in while also finding alternatives for other living
arrangements in the future.
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