Exhausting all your options before short sale

Exhausting all your options before short sale

It is recommended that before choosing a short sale you exhaust all other options to save your home. A Loan Modification is one step in particular that has frustrated homeowners.  Despite all your hard efforts and no fault to you, a loan modification might have been a short term solution.  In many cases even if you received a loan modification, the Banks have displayed an inability to “make a deal” that works for you.  They probably even put you in a payment structure that doesn’t make any sense. Although this is a common story we hear it all the time and we understand losing your home can be very difficult.  If there is any chance of saving your home you should always try to exhaust all your options before doing a short sale.

On the other hand if you are someone who has exhausted all their options and has realized it is time to sell because you may be facing foreclosure or struggling to make payments then a short sale may be an alternative solution. In fact, most banks have created internal programs that allow you to sell your home and for the most part waive any deficiencies.  Even the Government has stepped in and created the HAFA program and Mortgage Debt Relief Act to protect homeowners from any deficiencies and Tax consequences.

The first step in considering a short sale is educating yourself so that you understand the short sale process and choose the right team to be involved in helping you throughout the  process. The good news is, unlike a mortgage modification where people typically wanted to charge you for help, in a short sale the people who help you only get paid upon a successful closing.  There are never any out of pocket expenses to you for services. We have created a free short sale guide that will explain this.

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