Are you thinking about a short sale? Wondering if you qualify?
A short sale is the process through which a mortgage company agrees to settle for less than what is owed to them on a mortgage. And there are plenty of reasons why homeowners need to sell their home:
- You can’t refinance or modify your loan
- You know you’re going to face a hardship
- You must relocate because of job change
- You owe more than your home is worth
Foreclosure is Not the Answer!
Don’t postpone your decision or walk away and allowing your home to be foreclosed. Contact us to discuss a short sale so you can sell your home and move on with your life.
You can still do a short sale even if you have 2 mortgages. And some people want to sell their home due to a change in circumstances such as a growing family but don’t think they can short sale. The fact is you can short sale your home even if on paper it looks like you can afford it. Most banks understand these situations and will work with you.
How Short Sales Affect Your Credit
We can never accurately predict what will happen to someone’s credit when they do a Short Sale. But we can talk about what we have seen in the past few years monitoring credit after a Short Sale with our clients.
People who don’t pay their mortgage and other bills for months on end already have bad credit when they come to us. Every month you don’t pay your mortgage your credit takes a hit so when you do a Short Sale it actually helps because it stops the ongoing monthly hit.
We can tell you that road to credit recovery will be sooner with a short sale because foreclosures usually take much longer. Plus you can qualify for another mortgage faster. Lenders typically will consider giving you a home loan as soon as two years after a short sale, versus up to seven years after a foreclosure.
For more information about Short Sales, visit our Short Sale FAQ page.
Do You Qualify?