Short Sale Advantages
The Evolution & Advantages of Short Sales
Why Short Sale v Foreclosure, Bankruptcy or Deed-in-Lieu is the Best Default Solution
Short sales have been an integral part of corporate America’s strategic default planning for decades.
Corporations, banks and even the Mortgage Bankers Association have used short sales to walk away from underwater real estate assets on different occasions.
The irony is that, the numerous benefits of a short sale vs. foreclosure used by Corporations, was not understood by most borrowers until recently.
But with the advent of government short sale programs like HAFA, as well as other lender initiatives designed to help with moving expenses of $3,000 to $20,000, short sales have become the preferred default solution.
In fact, 22% of all the homes sold in the U.S., in 2012, were short sales.
How Does The Short Sale Process Work ?
A home is put up “For Sale,” like any traditional seller. During the process, which typically takes 3-5 months, homeowners stay in their homes and in most cases they’re required by their lenders to stop making mortgage payments.
Most importantly, regardless of what is owed, I have a proven track record at eliminating all mortgage debt with full deficiency waivers.
Plus with a short sale – you’re able to qualify for a new mortgage – within 1 – 2 years vs. 5 to 7 with other default remedies.