Many homeowners are now finding themselves in a situation where they
cannot afford to pay off their mortgage any longer. This maybe because they had taken advantage of the short-term interest-only
loans or had their properties valued lower than the loan they have obtained. In such an event, there are some options available
to them rather than to go through the whole process of mortgage foreclosure.
Short sale is a good solution. It invovles the sale of your mortgage property at a low price. Keep in mind that banks would
rather take the money than your property. As the borrower, you can propose a short sale to the lender so that everybody is
benefited. This strategy is getting very common in the U.S.
A Short Sale of the Real Estate Can be Advantageous to the Homeowner or Borrower Because:
- It can help them save their credit history
- It can help them find a solution
to embarassing situation
- It could reduce the stress of finding funds to answer a certain
- It is the faster solution to mortgage foreclosure process
In today's housing market, there are tons of property inventories and that causes the banks to lose a lot money
each day. The whole foreclosure process can be a long and tedious one for the lender. For the borrower, it is a stressful,
embarrassing, and dreadful experience. Short sale could actually stop the mortgage foreclosure involved and benefit all
parties involved. Though it , the lender gets their money from the short sale and the homeowner can walk away from the property
that they can't pay for any longer.
If this is something that you are considering
or you know someone please contact us.