No equity? Struggling to make payments?
What’s better a short sale or foreclosure???
Here’s my objective opinion of the pro’s and con’s of a Short Sale vs. Foreclosure.
Your first step is to contact your lender and ask to talk with someone about a loan modification. In some cases, banks will actually modify (decrease) mortgage loan interest rates and payments to allow people to stay in their homes. I suggest you try it on your own at first… However, I’ve heard some people have gotten good results paying a consultant $500 to $3,000 for assistance. I would hire an attorney! If this route isn't working your next option is Short sale or Foreclosure.
Short Sale:
- - Arguably a little better for your credit than a foreclosure. To be approved for a short sale, you typically need to be several months behind on your payments, which will hurt your credit.
- - Better emotionally than losing your home to foreclosure
- - Involves the hassle of having your home on the market and waiting a very long time to find out if the bank will approve your short sale. Many are not approved.
Foreclosure:
- - Allows you to stay in the home longer (payment free)
- - After the foreclosure, you’d likely receive “cash for keys” of a $1,000 to $3,000 to help you move
Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
www.MyRealtorBarbie.com
Barbarainc@gmail.com
Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071
Lic. #01742839
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Every investment has risks and drawbacks. The important thing is to recognize them, to be aware of what can happen to your investments, and to make sure you aren't exposed to risks you can't afford.
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