BEHIND ON PAYMENTS; NO EQUITY IN HOUSE
The sales prices of most short sales are actually sold for LESS than foreclosure homes. This is due to the fact that a Short Sale proceeding costs a lender a lot less money on average. Lenders are also in the money lending business, NOT the property management business. Due to these facts, a lender will typically accept well below market value on a property in order to avoid foreclosure.
A short sale is solution for the home owner and the lender. Borrowers get relieved from their mortgage debt and get their credit restored.
A foreclosure can Damage your credit up to 7 years and bankruptcy up to 10 years. Some experts believe a foreclosure is much worse than a bankruptcy.
Investment Properties can be short sale.
As short sales have become more and more common, the lenders are streamlining the short sale process, and the best homes are being sold off as short sales prior to foreclosure.
We have multiple solutions for you.