Get On With Your Life – Short Sale Solution

Millions of Americans face financial problems that lead to foreclosure every day. Most homeowners have a difficult time facing the fact if they are going through a financial hardship that they may need to take action, cut their losses, and move on. A short sale is just that kind of solution to a very difficult problem.

Take for example, two exact houses on the same street, with two exact families and two very different possible outcomes. Two families comprised of two parents with two young children, where both fathers have great jobs and accumulated savings. Then reality and tough times set in: both lose their jobs, the market tanks, and now both families are faced with a possible default on their mortgages. Both families do the right thing and start talking to their banks about options. The bank agrees to do a home modification for one family, but they decide that without being employed, even a lower monthly payment would not make it possible to afford a new mortgage. This family decides they don’t want to go through a foreclosure down the road; they want to start fresh. The family agrees to put their family’s home on the market and find a short sale buyer and a price that the bank will agree to. After working with professionals to help ensure everything is done correctly, the bank agrees to a cash offer and this family sells their home and moves on to rent in the city where they live.

The other family decides they do not want to lose their home and since the father is sure he will find a good job soon, he wants to stick it out using what savings they have left. Soon after, when there is still no good job in sight, over 3 months payments are missed and the bank sends a Notice of Default. The bank ultimately forecloses and their second mortgage holder sues this family and the court ultimately sides with the bank and leaves this family racked with deficiency debt they cannot possibly pay back. After having to file bankruptcy, and with the  foreclosure and the bankruptcy completely ruining their credit for 7-10 years, this family is forced to move in with their parents in another city.

Of course every individual situation is different, but the basic lesson is clear: short sales are often the prudent move when struggling with a home.

How To Avoid Such A Fate

If you know that you cannot afford to keep paying your mortgage, and that your house is worth less than what you owe on it, it is time to stop hiding and start dealing with the situation head on. Short sales are not magical deals that will make all your financial problems disappear, nor will they guarantee that your credit won’t be affected. However, a short sale is merely a solution that can remove the overwhelming financial pressure that you are facing and allow you to have a fresh start and move on with your life.

In New Jersey if you want to get more information about a short sale and your rights, contact one of our Burlington County short sale lawyers. There is no fee for this consultation. In the alternative, if you ignore the signs and hope that things will ultimately get better in time, you can be facing imminent foreclosure and eviction before you are prepared to leave your home.

What a short sale can do for you:

– Avoid Foreclosure

– Avoid Bankruptcy

– Protect Your Credit

– Get the Bank to Agree to Your Terms

– Walk Away with Your Debt Paid in Full

You can take action to secure your fate, or you can hide and wait until the bank decides to act. The bank will not be concerned with your well -being only with how to maximize their gains and profits. Foreclosure is a ticking time bomb and the chances of failure increase greatly the longer you wait to take action.

CategoryReal Estate