If you are unable to keep up with your home mortgage payments, you may have to face foreclosure proceedings. Nothing can be more painful and embarrassing than to have your home foreclosed. It destroys credit completely and makes it extremely difficult to get back on your feet. The best way to avoid any such possibility is by opting for short sale.
When a lender agrees to do a short sell, he agrees to accept an amount that is less than the amount due. This is primarily why lenders do not agree to do a short sale. Instead if they go for a foreclosure, they would be able to recover their money completely. Needless to say, convincing a lender to do a short sale can turn out to be an insurmountable hurdle. Also, not all properties and sellers qualify for short sales.
To know more about short sales you can consult a short sale specialist. A short sale specialist is a person designated by the National Association of Realtors to help distressed house owners see through a short sale process. They provide free of cost advice to house owners and liaison on behalf of them with lenders. A short sale specialist ensures that the entire process of short sale is carried out within legal parameters.
It is also important for a house owner to consult an attorney. This is because lenders who accept a short sale often pursue a borrower legally for the amount not settled. An attorney can insulate you from such malpractices. Also, a lawyer can help you determine whether your loan qualifies for a claim or a deficiency judgment.
No comments:
Post a Comment