Forclosre or Short Sales?
by Mortgage Rates on Tuesday, October 19th, 2010 | 2 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
Looks like someone did you un justice when they sold you the property. A short sale is almost like a foreclosure. You are not holding up to your side of the contract. You would have to find someone willing to pay you as much as possible and submit the contract to the lender and see if they would be willing to accept that as payment in full. Your other option would be a “Deed in Lue of Foreclosure”. That would be where you would voluntarily give the lender back the property and accept it as payment in full for the mortgage. Be sure if you do that you get something in writing from them showing proof that it won’t be recorded as a foreclosure.
Any way it goes it won’t be good for you but much better than a foreclosure.
Good luck,
Neither of these solutions is a good alternative for you! Short sale is probably not a viable option for an investor to come in if you meet the following criteria:
1. are current on your mortgage
2. the house is in good condition
Short sales are best accomplished when the loan holder has somone is behind on their payments and the house probably won’t bring in close to what is owed because of its’ condition. It doesn’t sound like you meet that criteria. Otherwise, the loan holder will just foreclose and take their chances either at the auction steps or turn it over to a realtor for them to sell.
Foreclosure is going to linger on your credit for a long time.
Either of these scenarios is going to result in you losing your home.
My suggestion would be as follows:
1. Talk to your current lender and see what can be done. They are probably more willing to work out something with you, especially if you explain your situation.
2. If you can’t work out something witht he lender, then go to a real estate investor like myself who might be willing to purchase the property creatively and thereby saving your credit.
Hope that helps