Get From Under Your Home Debt
by: S.A.Johnson |
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Sadly, many Americans lose their homes to foreclosure every year. Some banks aren't always careful about checking a person's ability to make payments. Of course there are situations when a change in circumstances happens which leads to the homeowners being unable to pay their mortgage.
If the current value of your house is less than what you owe on your current mortgage, you may qualify for a legal, lender approved solution known as a Short Sale. A Short Sale can be accomplished by bargaining with your bank to agree to a sale of your home to a third party homebuyer for less than what you presently owe on your mortgage balance.
The short sale of real estate is not a dubious custom in today's softening real estate market, it may be a requirement. The short sale deal is a legal and much more favorable alternative to foreclosure or even bankruptcy. Lending institutions are motivated to accept short sale offers for a number of good reasons.
The short sale of your home can end in a win-win-win situation for everyone involved:
WIN #1: You win by getting out of a financial predicament. Your home is saved from foreclosure, thus helping you to save your credit rating. Letting your home to go into foreclosure may adversely affect your credit for up to 7 years.
WIN #2: The bank wins by preventing timely and expensive foreclosure proceedings which could lead to an even more costly expense of ownership of the real estate by the bank.
WIN #3: The buyer of your home wins by getting a solid home at a good market value.
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About the Author
Earn money by helping homeowners sell their homes in 2 weeks.
Real Estate Professionals...Get top dollar and all cash at closing. Investors...flip short sales or REOs using our private investor funds!
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