Foreclosure is a difficult situation to face, but have you considered a short sale instead? Many people don’t know the legal opportunity that short sales offer to homeowners who have fallen desperately behind on their mortgage payments. To end your strife and get started on repairing the damage, contact a debt attorney immediately to find out if a short sale is the right option for you.
What goes into a short sale, though? A short sale is one of the best ways for a home owner to respond to the damage that a fluctuating market can do to the value of their property. There are even certain government programs designed to offer assistance to distressed homeowners who have recently conducted a short sale.
Specifically, a short sale is a property sale that transfers hands at a price lower than the actual remaining amount owed. Basically, the lien holders make an exception, taking the hit and losing out on a portion of the debt. Rather than chasing a borrower who will likely never be able to afford, your lender would gladly accept an opportunity to save the time and money involved with the foreclosure process. Not only does this protect the lender, but the long drawn out process of foreclosure can cause stress, headaches, and potentially even more debt for borrowers.
Nobody purchases a home anticipating a foreclosure. The circumstances that lead to foreclosure could have been the result of your negligence or a variety of other factors that were outside of your control. Regardless of the reason, you need to take action to move on with your life. Call an attorney today to set an appointment where they will help you decide if a short sale is right for you.