is not the
only option
What is a Short Sale?
An alternative to foreclosures.
What most people may not realize is that if they are unable to pay their monthly mortgages, they don't have to go into foreclosure because they can always sell their property through a short sale. In a foreclosure, it damages a homeowner's credit for up to 7 years whereas in a short sale it can take about half the time or less.
In a short sale, the market value of the house is usually significantly less than the balance remaining owed to the bank so a homeowner cannot simply sell the house. Instead, when a short sale is done the banks will usually forgive the remaining balance after the sale, but this is not always the case.
For example, the debt you still owe on the property is $400,000 and the house is sold for $200,000. The remaining balance is $200,000, so often enough the bank will forgive the remaining $200,000.
Benefits of a Short Sale
1.Your credit is damaged for about 2-3years compared to 7yrs with a foreclosure
2. You can live in your home during the duration of the short sale
3. Avoid an eviction
Interested?
Contact us today for consultation and SAVE your CREDIT and LIVE IN YOUR HOME LONGER through a short sale.
Questions?
Give us a call! At 1-800-URI BANK
