subject: A More Effective Way To Stop Foreclosure: How To Sell Without Going Thru A Short Sale [print this page] A More Effective Way To Stop Foreclosure: How To Sell Without Going Thru A Short Sale
Turning to a short sale is fast losing popularity as a way to stop foreclosure. Short sales have proven to be ineffective in stopping foreclosures in that there are a number of variables involved when going into them. Through a short sale, you attempt to sell your property to another for only a fraction of the amount that you owe your lender. You will have to make an offer to your bank to signify your intention to go into a short sale. When your bank agrees to this, you can then proceed to find a buyer. In an unattractive real property market, there are not a lot of buyers even for properties that are being sold on a short sale. There are times when possible sales fail to fall through, causing the foreclosure proceedings to go on as scheduled. Not all banks would agree to a short sale. For some lenders, short sales would only result in more difficulties for them to be able to recover what the borrower owes them in full. For borrowers, short sales do not necessarily free them from all their obligations. Some lenders still hold on to their legal right to go after the borrower for the deficit after the short sale. These banks, of course, would want to recover as much as they could from their borrowers. You have to find out how to sell without going through a short sale in order to get out of your predicament.
A walk-away company can teach you how to sell without going through a short sale. Depending on whether your property qualifies for acquisition by any one of these companies, you can actually free yourself from the trouble that comes with going through foreclosure or initiating a short sale only to be continuously held liable for the remaining balance after the sale. Getting the advice of a walk-away company's representative would help you stop your property from being foreclosed and your lender from being able to run after your other assets to cover your entire loan balance. Selling your property to a real estate acquisition company through a walk-away program will enable you to skirt the loss mitigation proceedings necessary to settle your loan accountability. You are actually taken out of the picture after the walk-away company acquires your property. After accepting your property for acquisition, the walk-away company turns to your bank's legal department in order to negotiate for the purchase of your promissory note and for the consequent assignment of your property to them. While you still lose your home to the walk-away company, you are able to save your credit record from any further damage. At the same time, you free yourself from the stress and emotional strain that comes with foreclosure proceedings.
