Whatever you do, don't just walk away from your home.Â Â Letting your home become an REO (become foreclosed upon/bank-owned/a repo...) may cause you more pain in the long run.Â
Even if your lender has told you, "Your home is going to auctionÂ next week"Â you still may have time.
If you're in foreclosure, you've probably thought about, talked about or have at least caught wind of the short sale phenomena.Â It's a phenomenon because it's the better choice...for all involved.Â When compared to foreclosure, you have less of a default that can be held against you, yourÂ credit will recover faster,Â the amount of possible tax consequences is less, and you'll have less stress because you'll be able to have a time line to plan your exit from your home.Â Â
The bank/investors like short sales because of the bottom line... it cost them less...time wise and money wise.
For more information about your options please visit www.BayAreaHomeSaleInfo.com (Click on the "Sellers" link and chose "Avoid Foreclosure") or feel free to contact me.
Bay Area Realtor, DRE 01494954
Coldwell Banker Bartels
***Please note that the information above isÂ my opinion based on my experience in the industry.Â I would also recommend consulting withÂ your attorney and/or your accountant. ***