Are you presently undergoing the trauma of trying to save your home from bank foreclosure? If yes, then you can get over it. With the right approach, you can stop foreclosure on your home with ease. One of the ways you can save your home from the clutches of foreclosure is to opt for short sale. This is a process whereby you sell the home below the value of your existing mortgage debt. Now you might be wondering how this works. This article offers helpful hints on how short sale works so you can go for it and put that trauma of eventually losing your home behind you.
Short sale to stop foreclosure should be considered if you want to keep your home. It is a process where you ask a lender to accept an amount that you will sell your home for, to pay off your mortgages. This amount could be less than what is owed. The reason for short selling the home could be that the value of your home is now less than your existing arrears.
There are two ways to short sale your home. One is when you buy the home yourself, and the second way is by using a third party. The lender or bank may prefer to go for third party buyer. A Realtor or investor acting as the third party should be acknowledged by the lender or bank.
The benefit of going for short sale is that it can afford you the chance of re-buying the home yourself. If you find out that the value of your home is less than your outstanding mortgage this option would suit you. Nevertheless, the lender or bank is not obligated to accept your offer of short-sale. The lender will accept a short sale offer at their discretion.
On the down side, short-sale may have negative impact on your credit record yet it would not be as bad as the damage foreclosure will do to your record. Bankers or lenders may also prefer the shortfall options because of the less expenses involved. The foreclosure process cost more for the lender than short sale.
Short-sale can help you stop foreclosure quickly if carried in the right manner. Ensure that you are able to convince the lender on this. That trauma of impending foreclosure can be stopped if you start thinking of going ahead with this option, starting today. Better still, talk to a good foreclosure attorney to give you more guide on how to go about the process in trying to stop the impending foreclosure on your home.
Posted by: Ivis Sardinas, Realtor
http//www.oreinternationalrealty.com
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