Columbus OH – A home owner thinking of a short
sale recently asked us why they should short sale versus just walking away and
letting their lender foreclose on the home. We gave them the normal answer:
“It’s much better for your credit.”
That was the first thing that popped into our head. But, I knew there are more
benefits to a home owner than simply better credit. So I put together the
entire list and here they are.
Discover
how other sellers successfully did a short sale to avoid foreclosure by
clicking here. http://columbusohioshortsaleadvisors.theshortsaleguide.com/
1. The upside down debt is erased in most cases.
If you are selling because of a financial hardship, then the
upside down debt will be automatically erased in most cases. Is your loan
owned or insured by the following agencies: Fannie Mae, Freddie Mac, FHA, and
or VA? If you are short selling because of a financial hardship, their policies
state that your debt will be erased.
2. You are eligible to buy another home much sooner compared to a
foreclosure. The most common loan program, Fannie Mae,
stipulates that you can buy another home under their program in 2 years. FHA, a
popular low down payment loan program stipulates that you can qualify for an
FHA loan within 3 years.
3. No Cost To You. That is right. A short sale costs
you nothing. All of the expenses are paid for by your lender. That includes the
title insurance, any county taxes or fees on the sale, attorney fees, and the
Real Estate Agent. If the lender foreclosed on the house and then tried to sell
it, they would have to pay all the costs. So why not pay the costs with a short
sale?
4. Your credit suffers less damage. Most people
think that a short sale will be the kiss of death to their credit. That is the
one big advantage of a short sale over a foreclosure.
Upon completion of the short sale, your credit score will drop between 50 and
100 points. However it will rebound fairly quickly. The other benefit is that
you will have less debt. (A lot of debt hurts your credit score.) You will have
a lower debt to income ratio, which will boost your credit.
In a couple of years your credit will be back to normal and you can buy another
home. In addition, anything and everything bad on your credit can be fixed thru
the dispute process.
5. You can often rent a comparable house for less than your
former mortgage payment. In one example, a homeowner in
foreclosure found a larger home. It even had a fenced backyard for their kid
and a garage. Their prior mortgage payment was $1,500. They rented the nicer,
bigger house for $850 a month.
6. You avoid the humiliation of a foreclosure.
7. You don’t have to pay rent during the short sale
process. A short sale can take up to 6 or 9 months. Not all of
them do. But, some do. If you aren’t concerned about your credit, then you can
stop making your mortgage payments during the short sale. You can use the
savings for the deposit on a rental.
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an
e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any
questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a
free consultation by clicking
here. http://columbusohioshortsaleadvisors.theshortsaleguide.com/
Thinking about a loan modification? Our Columbus loan modification kit has the
instructions you will need to get a loan modification approved with your bank.
Click
here to request a copy. http://columbusohioshortsaleadvisors.theshortsaleguide.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495.
robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale
and never pay the bank another penny. Columbus Loan Modification Help, Columbus
Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus
OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important
Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorse by the government or your
lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to
help you on a short sale, your lender may not agree to a short sale or to
modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else
in life. It takes work and persistence to convince your lender to modify your
loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause
damage to your credit and could cause you to lose your home. Because we know
avoiding foreclosure is so important to any homeowner, we recommend that you
speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your
lender if it does not meet your approval. If you decide not to go thru with the
short sale, then you do not have to pay us our fee. We normally make a real
estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect
the views of Coldwell Banker King Thompson.
This information on Seven Ways You Benefit From A Columbus Short Sale is
provided as a courtesy to our viewers to help them make informed decisions.
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