One missed payment can create havoc in a homeowner's peace of mind. Perhaps a job lay-off, illness, interest rate increase, or other reason can be the cause.
In some cases, it may be necessary to sell even though more is owed on the home than what you can sell for. A "Short Sale" allows you to move forward with a sale even though you owe more.
Did you know that if a Security Clearance is needed for work, a Foreclosure may cause you to lose the clearance? If someone is facing Foreclosure, a Short Sale is a better option but you must act quickly to have enough time. Here is a powerful chart that outlines the
Foreclosure vs. Short Sale Homeowner Consequences (some of the items may vary state to state).
There IS a right way and a wrong way to handle Short Sales! They can be cumbersome and frustrating to say the least, especially if the listing agent is not knowledgeable about the process.
There may be tax ramifications of doing a Short Sale, so you should check in with your tax advisor.
If you or someone you know needs advice on options, or to see if you qualify for a Short Sale, give me a call. I am here to answer any questions you have!
This month's Item of Value* was about the "Do's and Dont's of Open-Air Entertaining". Everything from proper lighting, to how to keep a buffet salad cool, to the value of shade. Here's a link to more ideas for 