Are You Behind On Payments or perhaps Owe More Than Your Property Is Worth? This information Short Sale vs Foreclosure can help you sleep better at night.
If you're like many homeowners, you never planned on missing a mortgage payment. It simply happens. You miss one payment, then another, and another. In a short time, you owe a lot of money and have no way to pay the huge sums which are overdue
There are many ways to prevent foreclosure.
Or, you might still be making your repayments but you have an "upside down" or "underwater" mortgage (known as negative equity), all terms to clarify when you owe more than the present market value of your house. You're not alone - a lot of homeowners have negative equity because of the condition of the housing crisis that has caused most san jose real estate prices to drop every year.
If you are behind on payments or owe greater than your home is worth, lenders (bank who possesses your home loan) are willing to give you practical options to avoid foreclosure..
This is only a short sample of the numerous alternatives to short sale vs foreclosure addressed in this report. The recommendations and methods for every option change quickly to manage the volume and requirements for each bank and in each state.
OPTION 1: Foreclosure
If you do nothing, you will likely face foreclosure from your lender (bank who owns the home loan). If you can not make your payments and do not look for help, the lender has the right to foreclose on the property and auction it to recover its investment from the earnings of the sale.
OPTION 2: short sale vs foreclosure
A short sale consists of selling your property for less than you owe on the loan. That is why it is called selling short sale.
However, if you can get approval from the lender to sell your san jose real estate for less than the amount owed, you will prevent foreclosure and the associated outcomes.
A short sale vs Foreclosure is generally not granted by the lender until you have a valid hardship and no belongings. But if you are eligible, banks would rather do a short sale because it lowers legal fees and they end up netting more money when the property is sold.
A short sale versus Foreclosure does have its own difficulties that you will need to understand before undergoing the procedure, and a your credit will be affected from either situation. But a short sale has far less implications compared to a foreclosure. For instance, with a foreclosure it can be at least five years before you can qualify to buy another house; however, with a short sale you can qualify in two to three years.
Here is the really bad news - if your san jose real estate cannot be sold for the full amount of your debts, a "deficiency judgment" could be issued against you for the unpaid balance of the loan. A foreclosure and deficiency judgment can significantly have an effect on your credit and the ability to qualify for a loan for many years into the future. In certain cases it can also avoid you from getting a job.
If you are facing a trouble and feeling like foreclosure is the only thing you can do, now is NOT the time to stress and panic. Rather it's time to check out more alternatives making the best decision. Doing nothing or making a poor decision could be damaging for many years. A foreclosure costs thousands more than just the loss of your house, so it is important you continue to investigate your options and talk to a professional who knows the exact solutions to your questions.
If you're like many homeowners, you never planned on missing a mortgage payment. It simply happens. You miss one payment, then another, and another. In a short time, you owe a lot of money and have no way to pay the huge sums which are overdue
There are many ways to prevent foreclosure.
Or, you might still be making your repayments but you have an "upside down" or "underwater" mortgage (known as negative equity), all terms to clarify when you owe more than the present market value of your house. You're not alone - a lot of homeowners have negative equity because of the condition of the housing crisis that has caused most san jose real estate prices to drop every year.
If you are behind on payments or owe greater than your home is worth, lenders (bank who possesses your home loan) are willing to give you practical options to avoid foreclosure..
This is only a short sample of the numerous alternatives to short sale vs foreclosure addressed in this report. The recommendations and methods for every option change quickly to manage the volume and requirements for each bank and in each state.
OPTION 1: Foreclosure
If you do nothing, you will likely face foreclosure from your lender (bank who owns the home loan). If you can not make your payments and do not look for help, the lender has the right to foreclose on the property and auction it to recover its investment from the earnings of the sale.
OPTION 2: short sale vs foreclosure
A short sale consists of selling your property for less than you owe on the loan. That is why it is called selling short sale.
However, if you can get approval from the lender to sell your san jose real estate for less than the amount owed, you will prevent foreclosure and the associated outcomes.
A short sale vs Foreclosure is generally not granted by the lender until you have a valid hardship and no belongings. But if you are eligible, banks would rather do a short sale because it lowers legal fees and they end up netting more money when the property is sold.
A short sale versus Foreclosure does have its own difficulties that you will need to understand before undergoing the procedure, and a your credit will be affected from either situation. But a short sale has far less implications compared to a foreclosure. For instance, with a foreclosure it can be at least five years before you can qualify to buy another house; however, with a short sale you can qualify in two to three years.
Here is the really bad news - if your san jose real estate cannot be sold for the full amount of your debts, a "deficiency judgment" could be issued against you for the unpaid balance of the loan. A foreclosure and deficiency judgment can significantly have an effect on your credit and the ability to qualify for a loan for many years into the future. In certain cases it can also avoid you from getting a job.
If you are facing a trouble and feeling like foreclosure is the only thing you can do, now is NOT the time to stress and panic. Rather it's time to check out more alternatives making the best decision. Doing nothing or making a poor decision could be damaging for many years. A foreclosure costs thousands more than just the loss of your house, so it is important you continue to investigate your options and talk to a professional who knows the exact solutions to your questions.
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