There are some excellent options to foreclosure that include selling your home in a short sale.
A Short Sale can delay the foreclosure process and allow you more control of when you move out. The bank may provide relocation assistance on a primary residence. A Short Sale can be completed even if the borrow has assets and other property.
1. What is a short sale? And what are the benefits?
A short sale is a way to sell your property for less than the amount of money you owe it. If done correctly, a short sale is an excellent alternative to foreclosure and commonly done to avoid foreclosure and the negative effects of foreclosure. But, a short sale is a complicated real estate transaction and requires a professional with extensive foreclosure experience.
Is a short sale the best choice for you?
It depends on several factors. Take a look at some of the benefits and problems of a short sale.
- With a properly executed short sale, you may be able to avoid some of the negative effects of foreclosure such as the negative impact on your credit report or a deficiency judgment against you, and even the embarrassment of having for sale auction signs posted on your property.
- A successful short sale can allow you to avoid filing for bankruptcy, even when you owe more than your house is worth.
- With a short sale, you maybe be able to erase any balance owed to the lender. Such forgiveness is not necessarily the case in a foreclosure.
- Not all homes qualify for a short sale. First of all, any short sale must be approved by the lender.
- A short sale is NOT just another real estate transaction. It is a legally complex process, which must be properly performed.
Using a professional with experience with the short sale process and a strong track-record of success in negotiating is critical. The Law Offices of Deborah R. Bronner offers experienced legal services to homeowners in California and can cut through the red tape while protecting the homeowner's interest in order to achieve the best possible outcome.
• Short Sale FAQs
Sometimes it is necessary for a defaulting borrower to file a petition in bankruptcy. Chapter 13 is a procedure that will allow you to keep your home if you are able to make the required payments. A Chapter 7 will allow you to have a fresh start if your debts are too burdensome. Call us to determine if filing a bankruptcy petition is the best course
for your situation. The staff at The Law Offices of Deborah R. Bronner will provide helpful and reassuring advice at this difficult and challenging time.