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There are many benefits of a short sale

On Behalf of | Dec 13, 2016 | Real Estate Transactions |

Are you concerned that you may lose your home to foreclosure in the near future? If so, you owe it to yourself to learn more about all your options.

While you could sit back and let the foreclosure process happen, this isn’t in your best interest. Instead, you should look into alternatives, such as a short sale.

A short sale is nothing more than selling your home for less than the remaining balance. Furthermore, if your lender agrees to the short sale, you won’t be responsible for any remaining balance after the sale is complete.

Here are some of the benefits of this process:

— You can eliminate your mortgage debt without losing your home to foreclosure.

— You can avoid the negative effects of foreclosure, such as the impact on your credit score.

— It’s easier to repair your credit after a short sale than a foreclosure.

— It’s easier to purchase another home in the near future.

If you’re interested in a short sale, you must first determine if you’re eligible. You can do this by contacting your lender and discussing your intentions. You may be eligible if:

— You aren’t eligible to refinance your mortgage.

— You are dealing with a long-standing or long-term hardship, such as an illness.

— You owe more on your mortgage than your home is worth.

— You have slipped behind on your payments.

Although the short sale process sounds simple, it can be complicated as it begins to unwind. For this reason, if you’re interested, you may want to seek professional assistance to ensure that you’re making the right decisions.