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A short sale can help distressed homeowners get rid of their property, but just how beneficial is it? If you’re worried about your home going into foreclosure, a short sale is a way to avoid this. What is a short sale, and how does it work? How will it help you? A short sale is the first step in gaining financial freedom when you need to sell my house fast.
A Look At The Idea Behind A Short Sale
A short sale means financially distressed homeowners can sell the property for less than the mortgage is. It’s the means to avoid foreclosure and avoid significant credit report damage. For a time when the market downturned, homeowners and mortgage companies used short sales to satisfy the remaining loan amount.
The process was quite common in the El Paso area when many homes were foreclosed on. However, with the rise in home values and the slowdown in foreclosure, it’s a method that isn’t considered first as it once was for selling your house fast. But you should… for several good reasons:
It Avoids Foreclosure and Its Devastating Effects
The number one reason to consider a short sale is the avoidance of a foreclosure. With a short sale, the mortgage lender agrees to the amount offered and forgives the rest of the mortgage amount. In essence, you no longer have a debt to worry about.
A foreclosure can leave you reeling for years, as it stays on your credit report anywhere from seven to 10 years. It means getting a new loan to buy a home is nearly impossible during this time.
On top of that, you’ll have a difficult time renting an apartment, condo, townhouse or home because your credit score will drop, and you’ll have to mention the foreclosure on the rental application.
Credit and Employment Issues
A foreclosure affects not only your living arrangements but other financial areas of your life, such as buying a car, getting a credit card, attaining a personal loan, etc. If your job involves money, your employer may terminate you. It’s not an action seen often, but it does happen and needs to be stipulated.
With a short sale, whatever debt remains on the mortgage is forgiven. You and the bank part ways on fairly good terms because they got something from you, and you don’t have to worry about them coming after you for the rest of the money.
The damage a short sale does on a credit score is far less than what a foreclosure can do. The recovery process from a short sale is easier than a recovery from a foreclosure. The credit report will stipulate a pre-foreclosure status, lessening the impact.
If you need help with the short sale process, Level Cash Home Offers, LLC is here to provide you with the information you need to succeed. We can provide you with the answers you need to improve your chances of the bank agreeing to a short sale on your home in El Paso. Give us a call at 915-228-3314 or reach out to us using the form on this page.
A Short Sale Can Give You What You Need
Your bank is going to want proof that you cannot pay the mortgage. It’s a tall task to show a bank this information, and you’ll need a reputable and experienced real estate attorney. If you’re unsure of where to turn, give Level Cash Home a call to assist you. We talk to you about the situation you are in and can offer you choices. And, we do all this for free.
We buy houses as well, helping you to get out from underneath the debt that’s weighing heavily on you. It’s another option to consider in your arsenal of tools to unload a problem home. We buy homes just like yours in El Paso, and when you need to know how to sell my house for cash, know that we can do just this for our clients.
When getting rid of your home isn’t going well the traditional way, know that we’re the untraditional method to answering your needs.
Give us a call today, and let us talk about your options.
Want to learn what offers you can get on your home today? Reach out to us via the form, and we’ll provide you a quick, no-obligation offer on your home.