Sparks, NV Homeowners Facing Foreclosure must know about Short Sale ! What is a Short Sale ?
18-May-2012 | News-Press Release
Property owners in the Reno, Sparks, Carson City, North Valleys, Washoe County, Spanish Springs, Sun Valley, Summersett and other neighbouring areas facing foreclosure options have options. One of them is a short sale.
A short sale is when a home is sold for less than the amount owed to the lender or lenders. The majority of homes in Nevada currently listed or recently sold have been in the form of a short sale. Selling your home for less than what is owed is not an easy decision. However, if you are in a position where you are extremely upside down in your mortgage or facing a foreclosure, a short sale may be an option to consider. The benefits of a short sale often include
- Less damage to your credit than a foreclosure. A short sale is not reported on your credit history. A foreclosure is reported and stays on your credit for up to 10 years.
- A homeowner who successfully negotiates a short sale may be considered for a Fannie Mae backed mortgage after only 2 years. A foreclosure makes the homeowner ineligible for a minimum of 5 years.
- Lenders may consider the sale price as “paid in full” forgiving the deficiency.
- You can move forward to a brighter financial future in considerably shorter time.
Short Sale is a good option if
- You are not eligible to refinance
- You are at risk of foreclosure
- You have tried to work a modification with your mortgage lender and failed
- You have fallen behind on your mortgage payments and cannot afford it anymore
- You are facing financial hardship and are struggling
Marshall Carrasco is a short sale expert and owner of Marshall Realty. A top producer in the Washoe area, Marshall has been successfully helping his clients to purchase and sell homes for over 14 years. Find relevant articles about short sales, foreclosure, and loan modifications at RenoHelp.org. RenoHelp.org is your one stop resource guide to find relevant articles about short sales, foreclosure, and loan modifications.
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