If you are worried because you are facing foreclosure, a SoCal short sale realtor may be able to help you. With many people today losing jobs due to cut backs and layoffs, this is a serious problem for more than a few individuals. The repercussions of a foreclosure can mean financial disaster. After all, a foreclosure will remain on your credit report for at least 7 years. This may make future homeownership difficult for many.
It is hard enough to make ends meet in this day in age, without now being informed that your home is not worth the amount that you owe on your mortgage. For most, this is the largest asset that they will have in their lifetime. The possibility of losing it means more than just losing a house. For many it means losing the American dream. These people once living the American dream, are now forced to watch it all slip away.
A SoCal short sale realtor may be able to help you, if you qualify. There is a process which is known as a short sale. A short sale allows a homeowner who is facing foreclosure to satisfy their mortgage at a reduced amount. This is only allowed under certain circumstances, and when agreed upon by the mortgage lender.
In order to qualify for a short sale, the homeowner must prove that they are suffering a financial hardship, which prevents them from being able to make their mortgage payments. Frequently this will be the case when people become disabled, or lose a job. Generally the home will be in, or nearing foreclosure. It is also required that the house is worth less than what is owed.
You may ask, “how can a house be worth less than is owed”? Well, as many more people are now aware than were during the housing boom, the market fluctuates. There are no guarantees that your house will hold the value which it had during a good economy. Many people purchased homes, with no down payment and an adjusted rate mortgage, thinking, “why not, I’m making great money”. The economy begins to slow, the homeowner loses a good paying job, or becomes ill, and the mortgage must still be paid…
This homeowner will begin to miss mortgage payments, and will soon be facing a foreclosure, with zero equity in the home. When a bid for purchase is made on the home, it is not enough to cover what is owed on the mortgage. Rather, it is in the neighborhood of what the house is now worth.
A SoCal short sale realtor can help you through the process of convincing the lender to accept the bid, in order to satisfy your mortgage, and avoid foreclosure. This will keep a foreclosure off of your credit report, and allow you to rebuild your credit score.
If you are facing a foreclosure proceeding, definitely consult with a So Cal short sale realtor. This will give you the chance to get you back on your feet, and once again live the American dream.
Social Short Sale Realtor, your partner in good credit health. Click on http://www.nphsrealestate.org/short-sale-realtor to gain access to financial freedom.
[tags]Social Short Sale Realtor, Social Short Sale, Realtor, Social, Short Sale Realtor,[/tags]
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