| A short sale is a great way to sell your home and | | | | long complicated process that is difficult for individuals |
| avoid the credit consequences of foreclosure. A short | | | | to negotiate without professional help. Most people |
| sale is basically the negotiation with the lien holder for | | | | who need a short sale are usually “upside |
| a payment of less then you owe.. If you’re on the | | | | down” on their loan. This means they owe the bank |
| brink of having your home foreclosed on it’s a | | | | more money than they can sell their house for. The |
| good idea to start negotiations with your lender right | | | | whole purpose of a short sale is to get your lender to |
| away. Short sales are faster and less expensive than | | | | allow you to quickly sell your home for less than it’s |
| foreclosures. Foreclosure is not something you want to | | | | worth to prevent foreclosure. Your lender will receive |
| passively allow to occur, its detrimental to your life and | | | | all the proceeds from the sale. |
| should be avoided at all costs. A foreclosure will | | | | If you are considering selling your home through a short |
| completely ruin your credit, lowering your score as | | | | sale the next important step is choosing a reputable |
| much as 300 points! This is very difficult to recover | | | | company to negotiate on your behalf. When dealing |
| from and in most cases takes years to bring your | | | | with something as serious as negotiating a short sale |
| credit score back up. For the time after a foreclosure | | | | with your lender it’s almost a must that you let an |
| you will not be eligible for any types of credit such as | | | | experienced attorney work on your behalf. The |
| loans, mortgage, credit cards, or even employment. | | | | mortgage companies have attorneys working for |
| Many employers check the credit of applicants | | | | them and so should you. You absolutely need an |
| (especially if the position involves handling of money) | | | | individual with extensive knowledge of the law to |
| and poor credit history may not qualify you for the | | | | negotiate ideal terms for you the homeowner. There |
| position. | | | | are many services out there that claim they can help |
| A short sale is a great alternative to foreclosure but | | | | you out, but if they don’t have attorneys on their |
| definitely should not be considered a good thing. Short | | | | staff its very unlikely they can negotiate the very best |
| sales will lower your credit score, Although much less | | | | terms for you. A short sale is a maze of legal |
| than a foreclosure will. Homeowners should only | | | | proceedings and documents that usually last about 6 |
| consider going through with a short sale when | | | | months and when dealing with something as serious |
| foreclosure is eminent otherwise. The lenders will | | | | as your home its best to rely on the best organization |
| typically approve a short sale if they are losing less | | | | you can. For starters you can check a company’s |
| money out of the deal then if they foreclosed on your | | | | BBB (better business bureau )record for any |
| home. It’s important to understand that your lender | | | | complaints and see how long that company has been |
| is looking out for the companies best interest when | | | | established. |
| negotiating a deal rather than yours. A short sale is a | | | | |