If you have not been able to keep up with the mortgage payments, it may seem like foreclosure is the only remaining option. However, there is another option that you can use. You can short sale your home before foreclosure proceedings take place. A short sale is by far a better option than a foreclosure. A short sale refers to a situation when a house is sold at a price that is lower than the amount of money that the homeowner owes a mortgage institution. The mortgage institution has to agree on a short payoff. Banks and other financial institutions have a set of rules that help them to determine the types of properties that qualify for short sales. Not every homeowner can sell his/her house through a short sale. If you decide to do a short sale in an effort to sell your house before foreclosure occurs, it is important to talk to your mortgage lender to create an agreement.

You Will Be Able To Repay Your Loan in Full

There are many things that can happen in your life that can affect your ability to pay your mortgage. For example, losing your job can make it impossible for you to make your mortgage payments on time.

The advantages of short sale are numerous, especially when you take into account the possibility of a looming foreclosure..

Whatever the reason why you are unable to make your mortgage payments, you have find a way to get out of the trouble you are facing. You obviously want to get rid of the mortgage burden as soon as possible. Your mortgage lender will come at you when you fail to make your payments on time. When you make a short sale of your house, it will be considered that you paid your mortgage loan in full.

A Short Sale Will Help You Avoid Foreclosure

It’s been widely reported and proven that a short sale will help you avoid foreclosure. Foreclosure refers to the situation when your rights to your house are forfeited because you are not able to pay your mortgage. Foreclosure usually comes when you are not able to sell your home on short sale. If you fail to sale your house on a short sale, it will automatically become the property of the mortgage institution. When you can’t pay your mortgage loan, the only way that you can avoid foreclosure is by selling your home on short sale. Selling your house this way is by far much better than waiting for foreclosure.

Short Sales Have a Smaller Effect on Your Credit

A foreclosure will put a very big black mark on your credit record. The black mark will last for 7 years and will prevent you from accessing loans from banks and other financial institutions in future. After a foreclosure, you will also not be allowed to buy a home for some time. A short sale has a smaller effect on your credit than a foreclosure. Although it will also make it harder for you to find a lender in future, things will be less challenging compared to a foreclosure. You will eventually be able to get a lender after a while.

You May Be Able To Buy Another Home Sooner with a Short Sale

Being unable to buy a home for 7 year just because you faced a foreclosure is a great punishment. This will not be the case when you short sale your home. You will not have to wait for this long before you can be able to buy a home again. The fact that you can be able to buy a home shortly after a short sale makes it the best option for you if you are unable to pay your mortgage loans.

Extra Tips on Processing

You take the full responsibility of selling your home in a short sale. Once you have an agreement with your lending institution, it is upon you to find a buyer as fast as possible. Selling your home on short notice will be challenging and time consuming. In fact, finding someone to buy your house within short time is almost close to impossible. This is where we come in. We are here to help you sell your house fast when you want to do a short sale. When you come to us, you can be sure that you will have the proceeds from the sale of your house as soon as possible. We will help you move past your mortgage situation so that you can start working on owning home again.