Are short sales a solution for DeLand homeowners?
December 3rd, 2009 by admin
Short sales are being used throughout the country by home owners who are faced with a distressed situation where they are unable to afford their home and because they owe more on their mortgage than the home is worth they are unable to sell the home for enough to pay off the mortgage along with the additional costs involved with selling a home.
What should a DeLand homeowner consider before short selling their home?
- If you would stay in the home if the payments were affordable, contact your lender about a loan modification.
- According to FICO, short selling your home impacts your credit score similar to a foreclosure however a foreclosure increases the time you will have to wait before obtaining a mortgage on another home.
If you are facing a tough situation and would like to talk about the short sale process give me a call. I can refer a top short sale real estate professional to you that will explain the process so that you are able to make an informed decision.