Short Sale Information
Springfield Pre Foreclosures & Short Sales
ARE YOU CONSIDERING ALTERNATIVES TO FORECLOSURE?
WHAT IS A SHORT SALE?
Foreclosures have been a small portion of homes selling in and around Springfield Missouri. With the decrease in home values, combined with increased taxes and insurance, owners are facing a negative balance on their loans. Faced with the fact that they have no equity, their only alternative is foreclosure or a Short Sale.
A Short Sale can be a better alternative to a foreclosure. With the lender's approval to accept less than a full payoff on the mortgage balance, homeowners may be able to sell and move on. The lender may forgive the remaining balance, as well as pay the realtor fee and closing costs. Or they may make payment arrangements to repay the remaining balance.
BENEFITS OF A SHORT SALE
A bank foreclosure can remain on your credit for seven to ten years. Obtaining a mortgage for a new home may take up to 5 years, even then, the interest rate may exceed the normal rate. A Short Sale allows your credit to rebound much faster and allows you to repurchase without a higher rate.
Call or email me for a confidential, no obligation consultation to see if a Short Sale can work for you. 417-839-4534 or email me firstname.lastname@example.org.