If you are becoming unable to pay the monthly mortgages on your home, you will soon be facing a foreclosure. Undergoing the foreclosure process can be a painful one as this leads to eviction, a massive hit on your credit score and having to start all over again in a dire predicament.
However, there is a way to stop foreclosure before it happens so that you can salvage your credit score and start anew without the burdens of having the home reclaimed by the lender. The short sale has proven to be one of the best options to avoiding foreclosure. It can help you
What is a Short Sale?
This is a sale where the lender of the mortgage will usually agree to accept less than the balance that is owed for what is left on the loan. Most lenders will agree because they realize that this route offers them the most amount of money.
The alternative is to press on with the foreclosure and risk waiting months or longer to re-sell and get the money back. During this time, the lender has to maintain the home which will cost even more money, so it’s not surprising that given the choice between short sale and foreclosure the lender will take the former over the latter.
The Benefits of a Short Sale
There are a number of advantages that a short sale offers the homeowner, starting with the fact that you will not have to undergo the embarrassment of being evicted from the home. Instead, the property is sold and move out with your dignity intact.
Limited Damage to Credit: While your credit score will take a hit, it will not be nearly as big as if you had undergone the foreclosure process. There are other factors in play such as the state of your other bills, debts and the like. Generally speaking, your credit rating will be in better shape if you stop foreclosure.
Relocation Fees: You can earn up to $50,000 in relocation fees thanks to a successful short sale. This means that you can move your family to a new location and start with more in your pocket.
Refinancing: Here, the owner may refinance their mortgage with a new lender. So, instead of the home being sold by the bank or the homeowner, it is instead refinanced with a reduction in the principle balance and reducing the monthly payment.
However, in order to enjoy the benefits of the short sale you must act quickly before your financial status reaches the point where foreclosure is inevitable. Too many homeowners will wait until no other course of action can be taken, so it is imperative that you act as quickly as possible because setting up a short sale will take a little time.
Overall, the benefits of being able to stop foreclosure are such that a short sale may be your best option in terms of your family’s financial status. It is important to consider all the options available in order to prevent foreclosure from happening to you.
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