First I'd like to say that if you are facing foreclosure, please consider a consultation with your attorney. Every situation is different, and you should get legal advice. However, if the option of short sale seems a good one, then i have to agree with my colleagues; short sale generally is a softer hit on your credit than a foreclosure and it is the only opportunity you ay have to negotiate with your lender to reduce or eliminate potential deficiency filing by the bank. Sometimes the lender(s) want sellers to bring a modest amount of funds to closing to settle the file, or take an unsecured loan with very low interest. The key word here is negotiate because we never know what the bank's bottom line is until we have a buyer and they bank has reviewed all pertinent documents. But if the property is actually foreclosed on, the bank will ost likely hold all the cards.
There are many agents doing short sales at this time in the market; short sales have run between 20-45% of the sales over the last few years, however not all agents are certified in doing short sales. It is importat to have an experienced and qualified agent working on the sale of the property and working with the negotiator to obtain the approval from the bank; way too many things can go wrong. If you need assistance exploring this further, please contact me directly since Iam a Certified Distressed Property Expert, (CDPE), with almost 3 years of short sale experience and references. I can also send you some additional information on short sales if you'd like to send me your contact info. In any case, good luck with everything.
Loriann M. Harrison
The Florida Realty Now Team
Keller Williams RPSW
MARS Disclosure for The Florida Realty Now Team, Keller Williams RPSW
The Florida Realty Now Team and Keller Williams RPSW are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.