Ways To Make Your Mortgage Payments Work For You
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You probably already heard the term short sale by other homeowners. Some might even say that a short sale on their home proved to be the lifesaver that they need to pull them out their finances out of the water. You might hear homeowners state that they have tried their best, but the deal ended up falling through.
Short sales can sound positive or negative, but they are definitely creating a buzz in the marketplace. Want to know why short sales create a buzz?
The main reason is the fact that short sales can prove to be a very effective way of selling your home quickly, especially given the current market situation.
In order to ensure that a short sale works for your home, you need to know the great benefits of conducting a short sale?
Regardless of whether you are in foreclosure, if you are trying to sell your home and you are not getting enough to pay off of your existing mortgages, you may just want to consider reasons to sell on a short sale. A short sale could seriously ruin your credit rating. It might not happen right away, but soon or later the bank will report it as a Score Factor Code 22.Those who insist on this practice may find themselves facing a process server down the road and be praying that their errors and omissions insurance will cover them.
These are the reasons why we encourage sellers to do a short sale:
- Retain some dignity in knowing that you sold your home.
- You won’t suffer the social stigma of the “F” word: foreclosure.
- No mortgage payments to make unless you choose to make them.
- You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years.
- If your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you will be eligible to buy another home immediately.
How can we help out in the process?
If you have received a Notice of Default NOD, we can help you get the right loan modification or a short sale. We understand that you can fall behind on your mortgage payments, that is why we are here to help. We can help with a free loan modification by simply clicking on the link below.