AVOID FORECLOSURE

A new report has just been released which identifies the top reason why a short sale is a better option than a foreclosure.

In today’s living market there are three reasons why homeowners stop paying their mortgage and consider a loan modification or a refinancing option.

1. They Think that the house they purchased a couple of years ago is now worth less than when they purchased it.

2. The loan that they obtained a couple of years ago is now more difficult to pay due to the adjustment in high interest rate.

3. They cannot afford to make the mortgage payment, due to a hardship situation.

Now, after homeowners attempted a loan modification and/or a refinancing that they have not qualified. There are some benefits why they need to consider a short sale.

1. Short sale it’s FREE. The homeowners don’t have to pay a penny in the transaction.

2. The homeowners may receive $3,000 or more as an incentive to sell the property.

3. Homeowners will avoid foreclosure (which is the worst scenario) because their credit will be damage for 10 years or more and there will be a deficiency lien for more than 20 years.

4. Homeowners can have a fresh start having the option to purchase a home at the lowest market price in the next 2 to 3 years.