The threat of facing foreclosure lingering upon your home is worse than any nightmare! You lay each brick to your dream home, get into all sorts of debts, are forced to compromise on the little things in life because you have to repay your mortgage and what not! And what is the resultant of all these? The bank or your mortgage lending company takes complete control of your home if you miss or default regarding a repayment installment. However, there is an assured way out of this apparently no-exit situation only if you know how to deal with this crisis.
Short sale of your property is the way out! Short sale refers to a practice where your lender institute or your mortgage company agrees to accept a less than the loan balance which you actually owe them. Obviously, they are benefited out of this practice and that is why they encourage property short sale. By a property short sale, the mortgage company indices apparently less profit, which is less than what you owe them, but they can save a lot of hassle and money which a foreclosure sale might have otherwise induced. Post judicious calculation, a short sale seems more viable to them than a property foreclosure sale. However, it is not jut the mortgage company or the bank profiting from the short sale. You, as a homeowner and as a seller too profit from this highly keeping the authority over your property to yourself!
Traditionally, you have to contact a company specializing in short sale and they will help you to sell your property in no time at all, thereby relieving you out of the debt fix which otherwise would have been really nerve cracking. You as the seller win by being able to avoid foreclosure and selling your home before the actual foreclosure sale, even when the property value is less than what the mortgage balance is. The otherwise viable option is to sell the property via a realtor, which would take long and on which you have virtually no control. You do not even know what value you will get for your property. Moreover, this is not an option for you at all when your property is under real estate foreclosure.
However, you can ease this a little by opting for short sale which will readily provide you with all the information you need regarding your property, including its sale value. What’s more – you are able to sell your property virtually overnight! You can get the best deals available by opting for a short sale of your property and eventually save some real cash for your future by paying off the due mortgage balance to the lender institution. But before you take any decision, regarding a property short sale, it is important to let your mortgage company about your intention and get from them in writing their approval.
You apparently get 111 days’ notice of default before your property will be put up for public auction. Do not let this period go waste and take advantage of short sale as soon as possible or you may find yourself regretting at some later point in time!