If you’re facing foreclosure or a short sale, it’s because you can no longer afford to pay your mortgage.
When this happens, you have a few options. You can have a loan modification and negotiate a more comfortable payment plan with your lender. If not, you’re forced to sell.
A short sale is the best way to go. You hire a Realtor and go through the same steps as the traditional home selling process. However, there are no expenses on your end as a seller—the lender will absorb closing costs, commissions, etc.
The offers you receive will likely be much less than the amount left on your mortgage. Then, you need to negotiate with the lender and have them reduce your balance so you can make a sale.
“By hiring a Realtor and making a short sale, you’ll be much better off”
In a foreclosure, everything is taken out of your hands. The bank takes possession of your home, and you’re left with a big hit on your credit. That’s why we don’t recommend this route.
By hiring a Realtor and making a short sale, you’ll be much better off—and you’ll probably be able to buy a home again within two years.
If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.
