The reason that banks allow you to short sale and walk away from the debt is to benefit the bank, not benefit you. Banks approve short sales because they see it as a way to cut their losses versus a foreclosure.
They do not like it when people short sell to benefit themselves and walk away from their debt. Let’s look at how the process would work if you short sale your home and then, buy a new one.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
Where this option is concerned you have to consider that if you have not paid your mortgage, it is very unlikely that lender would give you a loan for a new house.
The whole reason that they agreed to grant you a short sale is that they know that you are facing financial setbacks and hardship(s). It would not make sense for them to give you another loan to purchase a new house.
The best way to do this is to short sell your home but not miss any payments. It will be more difficult to convince the bank to approve the short sale and allow you to walk away from the debt.
However, there are a lot of loan programs available to help you buy a home after your short sale is completed. FHA has a mortgage program that allows you to qualify after a short sale.
Many other banks and credit unions also have loan programs for this. Yes, a short sale does affect your credit.
But, these lenders also know that it gets rid of a lot of debt which makes it easier for you to pay your bills. They consider a short sale to be an "acceptable derogatory" on your credit report.
They will approve you for a loan to buy a new home after taking that into consideration. So, there are many different options to buy a home after you short sell your current home.
The bottom line is that you have to continue making payments and maintain your credit during the short sale process. 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://columbusohshortsaleadvisors.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://columbusohshortsaleadvisors.com/
Thanks for reading this, Robin Lemmons.
Rick and Robin Lemmons is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
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Important Notice
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 Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.
This information on Columbus Short Sales: I Want To Short Sale And Buy A New Home. What's The Best Way To Do That? is provided as a courtesy to our viewers to help them make informed decisions.
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