A short sale is often viewed as the only alternative to foreclosure. Why? Because it mitigates additional fees and costs to both the creditor and borrower. In short sale, you will retain some dignity in knowing that you sold your home and you will have no mortgage payments to make. Under Fannie Mae guidelines, you will also be eligible to buy another home in 2-3 years instead of 5 to 7 years. According to my research, if your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you are eligible to buy another home immediately.
Let me give you some of the Highlights of a Short Sale: First, your lender agrees to allow you to sell your home and walk away without owing any money. Second, you avoid foreclosure and the huge credit damage that goes with it. Third, you retain control over the timing of the transaction and when you move. Fourth, in most cases, the homeowner gets a full release from the debt and is not financially responsible to repay the lender for their loss.
In addition, the transaction is usually completed at no cost to you. The sales costs: commissions, title and escrow fees and most other costs – are all paid by the lender. A short sale is an amicable solution to a difficult problem. The homeowner wins by getting the home sold, getting the loan paid off and having the ability to move forward without a negative impact on their credit. The lender wins by saving the added expense of the foreclosure process.
Thinking about a short sale?
Contact me for more info on a new program that allows you to short sale and buy a new home right away. I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. You can also call me at 619-392-1550. When we talk, I will explain how the process works in detail and answer any questions you may have.
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