How can I get out from under the debts on my home?
If the market value of your home is less than what you owe on your current mortgage, you may qualify for a legal, lender approved solution known as a Short Sale. A Short Sale can be accomplished by negotiating with your bank or lending institution to accept a sale of your property to a third party buyer for less than what you currently owe on your mortgage balance.
The short sale of real estate is not a questionable practice in today's softening real estate market, it may be a necessity. The short sale transaction is a legal and much more beneficial alternative to foreclosure or even bankruptcy. Lenders are motivated to accept short sale offers to for a number of good reasons. The short sale of your home can result in a win-win-win situation for all parties involved:
Win #1: You win by getting out of a financial predicament a clean transaction and a salvaged credit score. Your property is saved from foreclosure, thus helping you to save your credit rating. Allowing you home to proceed into foreclosure may adversely affect your credit for up to 7 years.
Win #2: The lender wins by avoiding timely and costly foreclosure proceedings which could lead to an even more costly expense of ownership of the real estate by the by the bank.
Win #3: The buyer of your property wins by getting a solid property at a good market value.
Henry Plascencia will provide you with helpful information, resources and guidence to help you decide if a short sale is appropriate for your situation. There are other options to foreclosure and we're here to help you get a better understanding of what they are.
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