| SHORT SALE: DO YOU QUALIFY? | |
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When to Consider a Short Sale:
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What is a short sale? A short sale is the sale of a home in which the proceeds fall short of the mortgage owed. Many lenders will agree to these terms in order to avoid costly foreclosures, and upon closing sometimes forgive the remaining balance. There are sometimes also refinancing or loan modification options available. It is extremely important not to delay if you are falling behind.
The pre-foreclosure process can move swiftly and the timelines are strict and must be adhered to promptly. It's vital to communicate any delays to your lender, agent and all parties involved. A short sale can be a very complicated process but the help of a qualified short sale expert can make it easy to navigate. In a short sale the bank considers the debt "settled" and may waive the outstanding balance or loss they incur. The "settled" debt typically lowers your credit score by approximately 50 points while a foreclosure or bankruptcy devastates your credit score for more than 7 years.
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Call us at (703)425-3582 Ask for Brandt
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