Why Short Sale?

Many Americans have been bogged down in an endless attempt to modify their delinquent mortgage. For many of these homeowners, a modification is beyond reach. What other alternatives do they have? Three alternatives exist for the homeowner who will face the loss of their residence.

First a bankruptcy can be filed in order to discharge any deficiency judgment in States that permit them. Second, a homeowner can attempt to short sale their property. In many cases the short sale will resolve the deficiency and reduce the effect of the potential foreclosure on their credit score. Finally, a homeowner can just walk away from the property, creating maximum exposure and damage to their credit report.

It is difficult to get a short sale approved by your lender which has spawned an industry of people specializing in selling, buying, and negotiating with lenders for short sale approvals.

If you have more questions feel free to e-mail me at sg.primefinancialgroup@gmail.com