Many homeowners are faced with the possibility of owing more on their mortgage than their home is worth in today's current real estate market.
In an attempt to avoid foreclosures, banks may take less than the balance of the payoff when selling your home.
There are many items to consider when taking this direction.
~ You will want to find out what will happen to the balance of the payoff and have the explanation in writing. A deficiency judgment can be obtained for the balance which may be pursued at a later date if this is not documented.
~ This will affect your credit and the ability to buy in the near future.
~ Have you exhausted other alternatives to the short sale situation? Speak with your lender and request more information about other programs and opportunities to correct your situation. Sometimes one telephone call will not be enough – do not hesitate to ask another representative for help if you are not satisfied with your initial service.
~Ask your lender for information regarding foreclosure avoidance counseling agencies that are approved by the U.S. Department of Housing and Urban Development (HUD).
Here are some helpful websites that will provide valuable information:
http://www.hud.gov/foreclosure
http://www.MakingHomeAffordable.gov
http://www.foreclosurelaws.org
If you would like to learn more about today’s market or talk with local professionals that will be able to give you more details, please contact us directly for specific contact information. Posted by Mike Bishal on
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