We’ve been getting lots of calls from homeowners recently. More and more people are taking a look at negative equity in their home and the fact its a struggle to pay the mortgage each month. According to recent data from U.S. Census Bureau the real median income is down 9.8% since the recession began in 2008. Think about the retirement accounts that have been decimated. We’re bringing home less each month while facing higher costs across the board.
That being said, I’ve already talked to several people today that are considering a Short Sale. It’s been a hard year for most of us, in one way or another we have all faced financial strain.
A common question that is top of mind for many homeowners considering a Short Sale is understanding a Foreclosure and how it differs from a Short Sale.
Short Sale or Foreclosure: Short Sales are much better for you, if you have a second lien holder and foreclose that lien holder can pursue you for up to 4 years. Not to mention your credit will suffer far less with a short sale in the long run. You don’t pay Real Estate commissions, they are paid by your lender. You may qualify for relocation cash at close of escrow from your lender.
Emotionally attached; Remember…the house does not make a home. It’s 4 walls without you and your family.
Blessings
Kim
