Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life’s most unpleasant experiences. It is also an event that keeps on affecting you long after your home is history by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they can’t foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. So it’s a good idea to understand the available alternatives such as short selling your home should the worst occur.
The one best tip I can give you: Don’t attempt to do a short sale alone.
Having an experienced real estate agent working on your behalf with your bank can make all the difference. Experienced short sale agents know who to talk to and know how to handle all of the paperwork to get the short sale approved by your lender.
See the chart below “ Short Sales vs Foreclosure”. (courtesy of Short Sale Expeditor Melissa Zavala). It will help you to better understand the differences and consequences of short sales and foreclosures.
I am an experienced short sale Real Estate Agent. Please don’t hesitate to give me a call for any assistance with your short sale!