subject: Foreclosure Is Not The Only Option: Short Sale Exists [print this page] Your home is your safe haven and considered as the most important place for you and your family, thats why, as much as possible you want to keep your home. But what if the time comes when foreclosure appears to be inevitable? Perhaps, one of the most traumatic experiences a homeowner can ever encounter is leaving the house due to foreclosure. Youve been barely struggling with your mortgage payments and definitely when you reach the point wherein you already used your resources, you dont have any choice but to face the foreclosure. Thats pretty sad. :(
But of course, just like most of the things in this world, foreclosure has its own alternative too. Short Sale. Yes, short sale is absolutely the viable substitute if you are not qualified to refinance or amend your mortgage. Another reason is if you are facing a long term adversity. Moreover, short sale can also be an option if you are behind your mortgage payments and you are indebted more on your home than its actual worth. With these, you need to find short sale property solutions so that you wont regret your decision in the moment that you need to leave your home.
Foreclosure VS Short Sale
On the other hand, before choosing short sale over foreclosure, it is more appropriate if you understand why short sale is better compared to foreclosure. Here are the primary reasons:
Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. While a short sale is not reported on a credit report and is therefore not a challenge to employment.
Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. Whereas a short sale on its own does not challenge most security clearances.
A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. While a homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.
In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment. On the other hand, in some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.
Score may be lowered anywhere from 250 to over 300 points and typically will affect score for over 3 years. Compared to short sale property Arizona where only late payments on a mortgage will show, mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale effect can be as brief as 12 to 18 months.
The BEST thing: Foreclosure will remain as a public record on a persons credit history for 10 years or more. Matched up to short sale which is not reported on a credit history. There is no specific reporting item for short sale. The loan is typically reported paid in full, settled.
Financial deficit are sometimes inescapable. But remember, foreclosure is not the only option, thats why short sale exists. So whenever you need short sale help Gilbert AZ, hesitation is not an option anymore. Just head on to http://www.shortsalepropertysolutions.com/ and see how they can help you. Who knows, you can remain in your home while Short Sale Property Solutions experts are negotiating the sale for you.
