short sale as an alternative to foreclosure in tarpon springs
Posted by The Boss! on October 27, 2010 // 0 Comments
Fam 040 300x225 Short Sale As An Alternative To Foreclosure In Tarpon SpringsShort Sale As An Alternative To Foreclosure In Tarpon Springs
A short sale is a real estate transaction wherein the property sells for a price below what is currently owed to the lender. Most people are unfamiliar with this financial option, as it often does not seem like common sense for a lender to allow a property to sell below what is currently owed. But, during a downturned economy, as we are experiencing currently, many lenders would prefer a short sale to a foreclosure. Moreover, there is a market ready with short sale buyers.
If you are facing a debilitating adjustable rate mortgage interest rate increase, you are not alone. In fact, you are among the hundreds of thousands of residents within the Tarpon Springs, Tampa, Pasco County, Lutz, Riverview and general Florida region who are in the same situation. Today, houses are sitting on the market longer, causing many families in need of a sale to face financial difficulty. If you are facing foreclosure, a short sale may be the sound financial solution for you and your family!
Is a short sale right for your current situation?
First, your lender will need to approve a short sale before you can pursue the option. But, if you are unable to continue paying your mortgage payments, you only have a few financial options available to resolve the situation for you and your family. You can attempt to negotiate for a loan modification, reducing your monthly financial obligation. In the event that you can still not make the mortgage payments, you can list your home for sale at a price which is sufficient to cover what you currently owe to the lender. But in the event that neither of those options is viable, a short sale is likely the solution.
IMPORTANT MESSAGE FOR TARPON SPRINGS HOMEOWNERS
By completing a short sale, homeowners can walk away from their properties without having a foreclosure reported on their credit – all while having their mortgage debt completely forgiven by the lender. Even if the homeowner is not in danger of foreclosing, the short sale process allows them to get rid of an investment that is only decreasing in value.
Do you currently owe more on your property than what it's worth?
You may be able to walk away from your property without having a foreclosure on your record, and without owing the bank anything. You can relieve yourself of the bad investment, the stress, and the burden.
Before you know it, you'll be returning to purchase a new home.
When you short sell your property, you can move on to a property in which you can afford, without allowing the property to go into foreclosure. To find out more about short selling and to determine what your current property value is, contact www.shortsaleboss.com.
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