Has your house been on the market for a long time without any reasonable offers? Are you worried that your property value has declined so much that you will be unable to sell your home for more money than you currently owe on your mortgage? There are many homeowners in the same boat as you; you need to find out about short sale houses.
Before your house goes into foreclosure you need to get a short sale house deal. This happens when you can no longer afford your mortgage payments and you are unable to sell your home for a price that exceeds what you owe.
Many of these short sale houses decreased in value with the housing market slump, and many of their owners had taken out high mortgages and were paying an interest only principal in the initial years of the mortgage. Once they started to struggle to make their payments and placed their houses on the market they realized that they would not be able to sell it for what they owe.
These short sale houses would end up in foreclosure proceedings if they were not sold in a short sale. Professional attorneys will be able to negotiate the terms of a short sale house with your mortgage lender.
Timing is very important when it comes to a short sale house. You want to contact your lender before they begin foreclosure proceedings to optimize a favorable result from your short sale.
Contact an attorney as soon as you can to discuss a short sale so that you can minimize the amount of damage done to your credit. Your mortgage lender will be happy to enter into short sale negotiations instead of foreclosure proceedings.
Depending upon your individual circumstances you may be able to get either partial or complete debt forgiveness for the balance that you owe the mortgage lender.
A foreclosure will have a significant negative impact upon our credit. If your lender finds that you owe money still after your short sale this will still affect your credit but far less severely than a foreclosure will.
Author Resource:
Short sale houses can prove to be a gold mine but they also require a detailed process. If you're thinking of acquiring a short sale house , turn to expert, Max Buchanan to give you the best advice.
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