Listing Your Home as a Short Sale

Despite the efforts of many people the number of distressed mortgage holders is growing in America. Over seven million home owners are now delinquent on their mortgage, some estimates say 25% of homeowners are underwater. It is time to face the reality that good people are in bad spots.

Being behind on your mortgage is not a shameful thing anymore. how many homeowners can take the blame for massive job loss? What is important is that homeowners in this position are making educated decisions.

Here are a couple facts about foreclosures that should freak anyone out that may be heading in that direction.

1. A foreclosure will keep you from purchasing another home for 5 years, minimum.
2. A foreclosure can come with a deficiency, meaning the lender or their assigns may come after you for the difference between what you owe and what they sell for. ( A deficency judgement is good for 27 years in most states)
3. A foreclosure will further erode your neighbors value.

A short sale will avoid number 2 above which in my opinion is good enough. President Bush passed an act that let banks and borrowers do a short sale without having to pay the IRS for the amount forgiven or having to face a deficiency judgement down the road, and almost all banks will sign off on all future rights to collect, but you have to ask!

The other benefit is that a short sale or pre-foreclosure sale will harm your credit, but you will recover quicker and be allowed to purchase a home with a Fannie Mae mortgage after two years.

The fact that the home will not be sitting vacant (in most cases) will help maintain neighborhood values. The seller can usually live in the home at a reduce rate and get relocation money from their lender. In most cases we can also make sure you are clear of any future obligations.

There really is less stressful way to handle a distressed mortgage, and we can help. We will try and take the stress out of the situation for you and your family by facilitating a short sale on your property. As always you can feel confident in speaking with ChangingStreets.com. For more information on how we can help you avoid foreclosure please give us a call at 919.747.4360. We are Short Sale and Foreclosure certified, we can help.

For more information and links on Short Sales check out : www.RaleighForeclosureOptions.com