A Short Sale is a Good Option

Short Sale is a Good Option

By, Veronica Cabrera

April, 17 2012

          A lot of homeowners are still having difficulties with the payments on their home.

Some people lost their jobs while others, had their mortgage payments changed and they just can not afford the payment anymore. Whatever the reasons are, something has to be done about it.

People in distress have a few different options:

1. Continue to pay (Usually, They can't afford it anymore)
2. Sell it (A short sale is the only way to sell it when upside down)
3. Return it to the bank (not always advisable, banks don't like the deed in lieus much)
4. Walk away (not the best option, banks try everything possible to avoid foreclosure)

It is obvious that keeping the house is not an option when homeowners are having problems with the mortgage payments.

Selling the property is possible with the help of a professional realtor 

who knows how to handle it. It is never guaranteed, but it can be done.

Now a days, it is much easier to do a short sale than it was in 2007, 2008 and 2009, when the market crashed.

The banks want people to do a short sale instead of letting the property go into foreclosure!

Homeowners should consider a short sale for the following reasons:

• The lender will forgive the difference between the sale's pay off and mortgage balance.
• Homeowners will not pay any money out their pocket to do the short sale.
• Property will sell "as is" condition. Seller will not have to worry about repairs.
• If the homeowner is on time with the mortgage payment, bank will still allow a short sale.

               (In these cases, sellers conserve their good credit.)

•  If the homeowner qualifies, the bank will help the homeowner with moving expenses (HAFA program).
• The homeowner will be able to stay in the property until the close of escrow.
• If the homeowner is behind on the payments, bank will still help with the short sale,
  and will forgive the past due payments, charges and any other expenses.
• Homeowner can start fresh again. (released of that debt)
• Homeowner will walk with pride. No foreclosure or eviction will be executed.

**In the attached link, you will be able to find more information about short sales.

http://www.bloomberg.com/news/2012-04-17/short-sales-surpass-foreclosures-as-banks-agree-to-deals.html

Veronica Cabrera, Realtor

Realty ONE Group

Huntington Beach, Riverside, San Bernardino, CA

veronicasreohomes.com

veronicacabrerarealtor@gmail.com

(714) 809-6521

R.E. Lic. #0143140