FORECLOSURE PREVENTION
For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
What is a Short Sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Benefits of a short sale over foreclosure:
- Less damage on credit report than foreclosure
- You will spare yourself the social stigma of the "F" word, foreclosure. And, there will be NO record of foreclosure or eviction
- You are in control of the sale, not the bank
- Your home sale will be handled like any other home sale
By obtaining the National Association of Realtors® newest certification, I have the training to assist homeowners through every aspect of a short sale.
Disclaimer: the forgiven debt of a short sale may be taxable income. Please consult an attorney or CPA to discuss short sale implications.