Short Sale of Your Home

A short sale is a good way for a homeowner to get rid of a home in order to face less financial impact on their credit report

. Doing a short sale is not always the first choice for homeowners in a financial hardship trying to keep up with their financial obligations. Regardless, sometimes there are no other choices but to market a home as a short sale and a foreclosure on your name.

Sure getting your mortgage company to give you a mortgage loan modification would be a first choice for most homeowners who are behind on their mortgage payments. Unfortunately that is not always the case though. Sometimes mortgage companies do foreclose of a borrower's property when they are unable to complete a workout with the homeowner in a timely manner. A homeowner has to be active and see what other options their lender might be willing to offer them, because if they are unable to work something out then their home could be sold at the next foreclosure auction. In our professional opinion, a short sale is way less damaging than a foreclosure on anyone's credit history. Sitting around and doing nothing is the worst thing a borrower should do. Always be active and talk to your mortgage company and see what they might be able to offer you. If you have tried several times to get a lower mortgage payment with no luck, and you are unable to maintain your mortgage payments then why not consider selling your home as a short sale. I understand it is hard to part with your home that has stood as tangible evidence of your past life with all the memories created there; but if you are unable to make your mortgage payments and you do not want the property to be sold from under, then you must find a way to work out another solution. A borrower's home will be sold at a foreclosure auction if nothing is done to work something out with his/her lender ahead of time. It is not a good thing for any homeowner who might already be under heavy financial stress in the first place to be told their home was just sold in an auction.

All of the short sales being offered today offer a quick move out option that will offer the homeowner up to $3000 to vacate the property faster than normal once sold. The more time the property stays there not making any income, the more costly it becomes for a mortgage company. It is better for a mortgage company to rid the property of any non-paying borrowers so that they can turn around and close on the sale to the new buyer. Therefore, it is more rewarding for them to offer money to get a borrower out of the property when it is time to do so. They should not blame them, they are in business to survive.

Short Sale of Your Home

By: oswin grant

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