Huntington Beach CA – The Stop Foreclosure Institute recently received a question from Christy. “Why would I do a short sale instead of saving the monthly payments and letting it go into foreclosure?” Christy asked.
Here is the answer. As your hardship worsens and you must stop paying your mortgage, then you may be able to live in your home rent free for several months, depending on what state you live in.
In some cases we have seen lenders wait a year after the first missed payment just to file for foreclosure. Yes, you may be able to live in your house for free for a long time. However, a short sale has many advantages over a foreclosure.
It does less damage to your credit and allows you to buy another home in 2 years versus the 5-7 years after a foreclosure. In addition, you may qualify to get some money as an incentive for doing the short sale.
It is important to begin working on the short sale sooner than later as you never know how fast your bank might proceed with the foreclosure. A short sale can take anywhere from 3 months to even 6-9 months to process. During that time we can get your foreclosure date postponed if the short sale is actively in process.
This will allow you to salvage your credit more quickly and hopefully save the money you will need to make your move. If you play your cards right you will be able to wipe out all that upside down debt and move on with your life. Best of all, you will be eligible to buy another home in 2 years once you are back on your feet.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Tony@HunthausenGroup.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 714-334-7808.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Huntington Beach Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Tony Hunthausen.
Tony is a Real Estate Broker Associate at Remax Select One.
Phone: 714-334-7808. Tony@HunthausenGroup.com.
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Tony Hunthausen specializes in loan modification assistance and short sales in Huntington Beach California. Huntington Beach Loan Modification Help, Huntington Beach Short Sales. Huntington Beach Short Sale Realtor Short Sale Realtor. Huntington Beach CA Short Sales. Huntington Beach Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Tony Hunthausen’s personal views and do not reflect the views of Remax Select One. This information on Question from Homeowner: Why would I do a Short Sale instead of saving the monthly payments & letting it go is provided as a courtesy to our viewers to help them make informed decisions.