Foreclosure? Deed-in-Lieu of Foreclosure? Short Sale?
If you’re in trouble with your California mortgage, which remedy is right for you?
Let’s look at foreclosure:
a. You lose your home in an unpleasant courthouse sale and subsequent Sheriff eviction.
b. Your credit report reflects a foreclosure for many years after the fact.
Not such a good deal, even if it is an easy way to get rid of a California real estate property that is worth less than you owe on it. The common advice “just walk away from it” can prevent you from buying another house, getting consumer credit ─ it can even keep you from getting a job! (Nothing like piling on the misery, right?) Foreclosure is something to avoid at nearly all costs!
Deed-In-Lieu of Foreclosure:
a. You lose your home
b. You may hire a real estate attorney who helps you arrange to trade the value in your home for forgiveness of the amount owed on the mortgage.
c. Deed-In-Lieu of Foreclosure stays on your credit report for several years preventing you from moving on with your life. This option is regularly considered the same as a foreclosure.
That leaves you with what many consider the best option for a distressed real property situation… the short sale.
a. You sell your home.
b. You and your short sale agent prepare for the sale. If you’re in California, your agent should be an experienced short sale broker like The Homefinding Center™, of course!
c. You or your short sale agent show it to obtain offers for possible submission to the bank.
d. You and your short sale agent negotiate the best possible contract for sale with potential buyers.
e. You live in your Eastvale home until closing which can take anywhere from 3 to 14 months depending on how fast you want my team to process your short sale and the attention given to your file by the bank.
f. After closing, you walk away with no house and no money, BUT…
g. Your credit report reflects that the bank accepted the short sale payoff through an acceptable negotiation and you can qualify for a new home loan in as little as 15 months.
From where I sit, a short sale is a terrific option for most Eastvale home sellers facing an impending foreclosure. In all of the options, you lose your house. In each one you walk away with no money from the sale of your house. Finally, in every option, your credit rating is going to take a hit. Short sale with its likely two year duration on your credit report betters a Deed-In-Lieu’s additional credit reporting penalty by years, and foreclosure’s even longer reporting period will likely hold you back from reclaiming your life much longer than short sale.
This one is a no brainer! Selling your Eastvale home through a short sale negotiation wins hands down. Your dignity stays pretty much intact; you keep your roof over your head buying time to relocate while your house is on the market, your time in credit purgatory is limited to about two years, less than half of what it will be if you follow short sighted advice to “just walk away.”
Contact the #1 Short Sale Team in Southern California today at 951-212-7479 for FREE help with your short sale negotiation. We’ll help you through the entire process with a minimum of headache for you to deal with.
Wanting to make a good decision is smart. Waiting too long to make that decision is not. Call us today so we can discuss your options. Your discussion with me, your Eastvale real estate agent, is strictly confidential, of course!
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