Facing Foreclosure? (Part 3)

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This week we will describe who may qualify for a short sale as well as the benefits of said short sale for the homeowner as well as the lender.

A homeowner qualifies for a short sale when a viable hardship can be proven. Common examples include:

• Loss of Employment

• Reduced Income

• Business Failure

• Severe Illness

• Death of a Spouse or Wage Earner

• Damage to Property

• Divorce

• Relocation

• Military Service

• Payment Increase / Mortgage Adjustment

• Separation

• Too Much Debt

There are many other reasonable hardships, these are only a few of the most common issues.

Now that you know what may qualify you for a short sale, you should know the benefits to you, as well as your lender. This will help you understand why the lenders are much happier with this option versus having to foreclose on your home.

Benefits to Sellers:

• Seller avoids foreclosure

• Avoid just “walking away” and letting a house foreclose

• Seller can continue to live in the property while not making payments

• Lender pays all real estate commissions

• Property is priced competitively and reduces days on market for selling

Benefits to Lender:

• Lender avoids foreclosure

• Lender avoids foreclosures fees, etc.

• Lender avoids having to rehab property

• Lender can sell property for more during a short sale than a foreclosure

• Property is priced correctly and SOLD in a timely manner

Hopefully this has helped you decide to try for a short sale as it is deifinitely the best option when facing foreclosure, for the homeowner and the lenders.

If you are facing what seems to be an imminent foreclosure in the following months, you should call Paige Slyman today at (770)-757-7671. He specializes in short sales, which is exactly what we’re talking about.  He can, and will help you escape from foreclosure.

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