Numerous homeowners are going in for short sales due to the recent financial crisis. Sometimes many of them end up buying another home sooner or later. It may also happen that you owe more than the worth of your home. Going for short sale is a very difficult decision to make since it affects the credit rating which can come in the way of getting more loans in future.
A loan modification specialist may be able to guide to make an informed decision about short sale . If a homeowner goes for short sale then he cannot buy another home for many years. But he may be able to buy an FHA approved home which is available at a lesser price than the home sold.
Ways for a Successful Short Sale
Short sales can lead to a lot of stress if it is not handled properly. Many homeowners think that the biggest challenge is convincing the lenders to agree to sell the house for less than the mortgage balance. It is best to contact a loan modification attorney to help.
How to go through Short Sale without any long term problems?
A short sale takes months to wind up. One way to avoid any trouble while going for short sale is making use of the Home Affordable Foreclosure Alternative Program. This is a federal program and lenders who agree with the homeowners about short sale have to relieve the borrowers from deficiency judgement.
Many lenders do not like to relieve the borrowers of balance mortgage payment, but it is possible to get a waiver negotiated. Some lenders may ask for a small part of the balance amount with a promissory note.
Thus, evaluate all the options before going for short sale.