Short Sale vs. Foreclosure: Which is the Better Option?
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, and unfortunately it happens more often, to more people all across America. Foreclosure 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 cannot foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. Therefore, it is a good idea to understand the available alternatives should the worst occur. Of all available options, foreclosure is the worstThe inevitable result of a foreclosure is the lender taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. If that isn't enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain any other kind of credit. There is no upside to foreclosure. It should be avoided at all costs. Consider a Short Sale when foreclosure seems inevitableA Short Sale is a popular option for homeowners mired down with financial problems. In this case, you would sell your home for less than what you owe your lender; the biggest problem you will face is getting your lender to agree to a short sale. In many situations, they will not. Experts advise pursuing this option the minute you realize that you are falling behind in your payments and most likely won't be able to catch up. The longer you wait and the greater the amount you are in arrears, the less likely it becomes that your lender will even be willing to discuss a short sale. ?? Short Sale Disadvantages??
The New Federal Legislation called the *Mortgage Forgiveness Debt Relief Act 0f 2007* that just went into effect on January 1st, 2008. This new act essentially eliminates credit score problems. While a Short Sale will save you from foreclosure, it also MAY HAVE a negative effect on your credit score, if the bank does not mark the sale as "PAID IN FULL - DEBT SATISFIED" This can be overcome more quickly than the black mark of a foreclosure, especially if you manage to retain one or two credit cards and keep them current. Prior to This The Internal Revenue Service frequently deemed the difference between the mortgage balance and the amount realized from the Short Sale to be taxable as income despite the fact that the debtor never saw a dime of it. Our Goal is to provide you with a successful outcome to all of the above. Almost any option is better than foreclosure, simply stated, do everything you can before foreclosure occurs and do it as quickly as humanly possible. Don't sit back and keep thinking, "What can I do?" Instead, consider that Short Sale and check with your lender before your options become more limited. The One Best Tip We Can Give You: Don't Do This Alone
Having someone who will work on your behalf is incredible to your peace of mind!! Facing foreclosure is a scary thing, some folks have been less than a month away from losing their home before they acted to get a Short Sale done. Don't just get anyone to help you!We have lots of Short Sale experience, and it makes all the difference. Our Skilled Professional, Bank Short Sale Negotiating Team of Short Sale Experts knows: - Who to talk to, When to talk to them
- Why to talk with them
- What to Say to them
- How to talk With
- Them how to handle all the paperwork to get the deal done.
You need Experienced Short Sale Guidance?Not in Atlanta Georgia? We Buy Houses all over the United States. Locate your State From Here! Stop Forclosure any where in the USA | 
