Options and Solutions For Homeowners in Foreclosure – The current US housing market and national financial crisis has caused untold stress and heartache for many families. Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The oprions for foreclosure are many, including Reinstatement, Forbearance or repayment, Mortgage Modification, Renting the property, Deed in lieu of Foreclosure, Bankruptcy, Refinance, Service Members Civil Relief Act for Military Personnel, Selling the Property, or Short Sale.
Foreclosure vs. Short Sale Homeowner Consequences – Many media reports indicate that the damage to your credit is the same for a short sale vs. a foreclosure. That information is inaccurate. We would suggest that a short sale is like getting hit by a car in an accident while a foreclosure is like being hit by a freight train. This chart details the ramifications of a foreclosure vs. a short sale.
3 Must Have Qualifications For a Short Sale Homeowner – There are many misconceptions of what qualifies a seller for a short sale. The reality is that there are 3 very simply requirements: a financial hardship, a monthly shortfall between income and expenses, and you do not have to be completely broke. This report gives more detail and explanation on these three requirements. We recommend that you sit down with your Realtor and examine each one in detail. While a short sale may seem like a difficult process the right agent who has been properly trained in the short sale process can make it a relatively simple process.
The 7 Most Dangerous Short Sale Myths – “Rumor travels faster, but won’t stay put as long as the truth.” said Will Rogers. A short sale can be an excellent solution for a homeowner who owes more on their home than what it is worth and has to sell. Unfortunately a number of myths about short sales have developed and it is important you understand the reality of this process if this is a solution that you feel meets your current needs.
The 7 Most Common Short Sale Pitfalls – As a homeowner considering a short sale it is important you understand the most common mistakes agents and homeowners make in this process….such as pricing the home incorrectly, submitting an incomplete package or submitting a weak contract to the lender.
Our team has received specialized extensive training on helping homeowners who may be facing foreclosure and have earned the Certified Distressed Property Expert (CDPE) designation. Please call us today for a no cost, confidential consultation 520-836-1717 or 800-305-9678 or email us at info@YostHomes.com.
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