Short Sales as an Alternative to Foreclosure

There is a dignified solution to foreclosure

We can help you or someone you know facing possibility of foreclosure

Short Sale as Alternative to Foreclosure

I was reading a blog from a group I am affiliated with, Certified Distressed Property Experts. They quoted a recent article in The New York Times:

WITH property values down by as much as 30 percent in New York City, some homeowners who bought at the height of the market are finding themselves underwater and are being forced to sell their homes in short sales.

The operative word here is FORCED… a word that carries with it an extremely negative feeling should never be associated with short sales. Rather…perhaps it would be better used in these contexts.

  • The sheriff came and FORCED her to leave her home after the bank foreclosed on the property.
  • After he lost his job and could no longer afford to make mortgage payments, he was FORCED to pack up and vacate when the locksmith came to rekey the property.
  • When her loan reset, she could no longer afford her escalating mortgage payments and rising credit card debt. After declaring bankruptcy, she was FORCED to surrender her assets.

We are definitely up against a battle here. Unfortunately, many don’t realize that there is a dignified solution to foreclosure for struggling homeowners…that is the Short Sale. Luckily, some people recognize this, as stated by one of the nation’s leading lenders:

Short sales are a gentler alternative to foreclosure for both sellers and lenders. “Compared to a foreclosure, a short sale generally allows an easier transition for the borrower, less impact on their credit history, and larger net proceeds to the loan’s owner,” said Tom Kelly, a spokesman for JPMorgan Chase, adding that Chase encourages borrowers who are unable to keep their homes to consider short sales.

Since 1 out of every 10 homeowners is behind on mortgage payments, chances are, you or someone you know is facing the possibility of foreclosure.  Remember, you are not alone. Click on our Alternative to Foreclosure link, for more information, or just give me a call. We would be happy to help you in any way we can.

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Mary Ellen Haywood
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Pacific Sotheby’s International Realty
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