Short Sale...Is It For Me?

More than 20% of homeowners are short selling there home here in Woodbridge VA, a process that not only butchers a homeowner's credit, but also doesn't guaranteed that you will still not have to pay for the negative amount you owe on your home. A short sale is for homeowners who can no longer afford to keep up with their mortgage payments, among other reasons, but there are a lot of strict requirements that you must have before a short sale is even an option for you to explore. When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Now even if you do meet all of the requirements, not all lenders will accept a short sales or discounted payoffs, especially if it would make more financial sense to foreclose on your home.

Beware, the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim. So…is a short sale for you? Maybe…Maybe not. But what I suggest you do first is get with an established Short Sale real estate agent specialist to sit down with you and go over ALL your options, as well as a real estate lawyer to protect you from the wave of paperwork that's going to come your way. How do you feel about the short sale process? Do you think it will do more good, then bad? Let us know

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