Avoid Short Sales
6/7/2012 10:06:58 AM
Traditional Short Sales are devastating for the seller. The Banks require you to skip three months of payments before they'll consider a Short Sale. Then they will immediately start foreclosure proceedings. The damage that is done to you is immense. You will receive a major reduction in your credit rating. You will see an increase in your insurance costs, including your car insurance. You will loose your credit cards. The Banks may also require you to pay the difference three years after the Short Sale. All because the Banks wanted you to miss three payments before they would "work with you". It doesn't seem like they wanted to "work with you" at all. So what can you do? We have found a way that works for some of our clients. It may not work for everyone.
What is required is this. You need to sell the property at current market values. If this amount is less than what is owed, you will need to show up at closing with the amount of money that is still owed. This is a hard pill to swallow. However, it can be accomplished. We can help you look for avenues to attain this money. If you can do this, the Bank is totally satisfied and you can walk a way with your credit rating intact. You will keep all of your positive profile without any repercussions.