Are you behind in your mortgage payments? Are you not sure of what to do? There is hope for those who are in over their heads in our current real estate market. Although behind in your payment, you can still save yourself from foreclosure. There is a way to salvage your credit.
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Once the short sale is approved, no deficiencies are permitted after the short sale.
A short sale means you owe more than what your home is currently worth in the real estate market. The end lender is willing to let you sell your home, wipe your debt clean and pay all the costs associated with the transaction. At this point, you have nothing more to lose. Your credit will be blemished for a short amount of time, but at least there is hope for credit and financial recovery. It’s a great alternative to foreclosure.
This is a very delicate process and only a true pro with a lot of experience can help you through the entire short sale process successfully. Helen has represented many sellers in a similar short sale position and have had great success. To discuss all your options, call her today at 847.967.0022 or email [email protected].