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”Anthony Real Es=
tate...Puts YOUR Best Interest First” |
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What Is A Short Sale? A =
short sale occurs when the market value of a property is less than the outs=
tanding balance on the mortgage. The lender(s) agree to accept less than wh=
at is owed on the property to avoid a possible foreclosure situation. Upon =
approval from the lender, the seller is able to walk from the property limi=
ting their potential credit damage and tax liability. You should note that =
short sales may not be for everyone, you should obtain complete understandi=
ng and information before making the decision to do a Short sale. |
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NO=
! There are too many agents, especially in San Diego County, that make it s=
ound like anybody can do one, with very minimal credit consequences, the ba=
nk will give you a full release of your debt and you can happily move one a=
nd buy your next home in a few years. The bottom line is these agents make =
it sound like this to attract more business. It is NOT a “one size fi=
ts all” solution. Everyone’s situation is different and must be=
assessed by a professional, to determine if it is appropriate for them. Pl=
ease read the questions and answers below, and when you are ready contact o=
ur office. You will receive a=
ccurate and honest information, FREE, and with NO OBLIGATION. |
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Th=
ere are two parts and scenarios that need to be considered for this answer.=
Starting with how it will be reported to the credit bureaus. While in most=
cases, short sales, foreclosures and the delinquent mortgage will negative=
ly affect the borrowers credit rating, at least short sellers will have ver=
biage stating they negotiated a deal with their lender. Such terms reported=
by lender are “debt settled for less than what was owed”, R=
20;debt settled”, “debt discharged” or some similar verbi=
age, depending on each lender. A short sale can be less damaging to your cr=
edit score, points wise and there are cases where the damage was as little =
as 100 points. Most mortgage =
and credit experts say that, except for a bankruptcy, having a foreclosure =
on your credit report has the worst result and may reduce your credit score=
as much as 300-400 points! Th=
e next item that will relate to your credit damage, is whether or not you w=
ere late with your monthly payments. Once you stop making payments, lenders=
will report you 30, 60, 90 days late all the way to 120 days late, which a=
ll contribute to the degradation of your credit rating. If you have two loa=
ns, the damage can be even greater. People who are late on their payments w=
ill suffer much more severe credit damage than those who never miss a payme=
nt and do a short sale. And though most of the time it is necessary to be l=
ate, there are those times a Short Sale can be accomplished without being l=
ate. It will depend on your specific lender, as they must be contacted to d=
etermine this. |
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Do You Owe More On A P=
roperty Than It's Worth? =
We May Be Able To Help! =
; We offer Short Sale assistance where we negotiate with your current l=
ender(s) to avoid a foreclosure. We accomplish this by getting your Lender’s approval to sell your=
property utilizing a short sale scenario, where the Lender approves the sa=
les price and terms of the sale of your property, though it is less than th=
e amount owed. The lender the=
n writes-off the remaining overage balance(s). |
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SERVING THE ESC=
ONDIDO AREAS REAL ESTATE NEEDS FOR OVER 30 YEARS...SINCE 1978 |
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1-800-250-8766=
Email: =
In=
fo@AnthonyRealEstate.net |
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What are the CREDIT benefits of doing a short-sa=
le vs. foreclosure? |
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Are You A Candidate For A Short Sale? By Anthony Real Estate |
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Are there =
TAX consequences of doing=
a short sale vs. foreclosure? |
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”Anthony Real Estate...Puts YOUR B=
est Interest First” |
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SERVING THE ESC=
ONDIDO AREAS REAL ESTATE NEEDS FOR OVER 30 YEARS...SINCE 1978 |
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