Short Sale Assistance

Short Sale Assistance

Are you facing foreclosure? Make sure you consider all of your options. Losing your home may be inevitable, but you can still avoid having a foreclosure on your record. A short sale allows you to sell your home for less than the total value, avoiding foreclosure. The term foreclosure can be very harmful to your credit. A short sale would help preserve your credit score, making it easier to purchase any future properties.

A short sale can award you with many benefits. The problem is that it can be very difficult to complete a short sale. These transactions need to be agreeable to you and the lender. A short sale benefits the lender because they avoid the many fees associated with the foreclosure process. The down side for lenders is that they would receive less than what you currently owe.

The biggest difference between a short sale and a regular sale is the amount it sells for. Short sales will typically sell quicker due to the decreased asking price. It is then up to the bank whether or not you are required to pay back the remaining balance. The balance remaining is known as the deficiency balance.

Remember, a foreclosure will be reflected in your credit score for seven to ten years. It may reduce your score by as many as 400 points. A short sale may not be listed on your report, thus allowing your credit score to remain intact.

If you feel that a short sale is your best option; call the dedicated attorneys at Alliance Legal Group – (877) 560-4440.