No one wants the stigma attached to having a home
repossessed by the lender through foreclosure, or the
black mark left on one’s credit history for every
creditor to see in black and white. And it can stay
there for as long as 10 years no less.
Many homeowners who bought around the top of the market,
back in 2004 through 2006, are now stuck with having
purchased more home than they could afford. Through the
ease of obtaining exotic adjustable rate mortgages
during those years, homeowners found themselves
over-encumbered with debt, having financed as much as
110 percent of the sales price of their home.
Now they are left looking for a way out of a dire
financial situation without the stigma left over. For
distressed homeowners one possible option is the short
sale. Selling a home via a short sale is a
legitimate method for stopping the foreclosure process,
allowing the homeowner to get on with life and without
the ding to the credit record.
What’s the catch? By definition a short sale is literally the sale of a home for less money than
is currently owed the lender on the outstanding mortgage
being foreclosed on. In other words the home is “upside
down“ from a financial aspect. Therefore, the catch is
that in order to successfully conduct a short sale, the
foreclosing lender has to agree to it, essentially
agreeing to accept less money than it is owed on the
loan secured by the house.
A short sale is not a vehicle normally
seen during a seller’s market when multiple offers are
lining up at the door competing with each other for the
house. Short sales are most widely accepted during a
buyer’s market when home sales are dragging, home values
are declining, and inventories of available properties
are growing to the point that the lender basically is
just throwing up its hands and saying some money for the
house is better than no money at all
Wanted New Realestate listing
916-798-3225
List of Cities that
we accept quality realestate listing:
Arbuckle CA - Biggs CA - Cameron Park CA - Citrus
Heights CA - Colusa CA - Davis CA - Dixon CA - Elk Grove
CA - Fairfield CA - Florin CA - Folsom CA - Grass Valley
CA - Gridley CA - Lincoln CA - Live Oak CA - Lodi CA -
Marysville CA - Meridian CA - Nevada City CA - Oroville
CA - Rancho Cordova CA - Rancho Murieta CA - Rio Vista
CA - Rocklin CA - Rosemont CA - Roseville CA -
Sacramento CA - South Oroville CA - Suisun City CA -
Sutter CA - Vacaville CA - Vallejo CA - Walnut Grove CA
- Wheatland CA - Wilton CA - Winters CA - Woodland CA -
Yuba City CA -
