Houston Short sale and the advantages you get

If you ever find yourself facing imminent foreclosure, a Houston short sale provides you with an option to mitigate the situation. Nowadays, they are difficult to get, but they offer a solution when trying to resolve a loan debt.

During the Houston housing market crisis, short sales were more common due to a large number of foreclosures on property. This had lowered the value, but slowly the value has improved as the number of foreclosures has reduced.  Additionally, lenders are unlikely to offer short sales as an option. However, a few of them still do if you are patient enough to look.

Why you should opt for a Houston short sale

  1. You may be trying to avoid foreclosure

The main benefit of short sales is offering you an option to avoid foreclosure. Normally, a lender is willing to accept an amount lower than your current mortgage to alleviate you of your debt obligation. Foreclosures are always nasty affairs. Your family is embarrassed and sometimes left without any housing options. Children are sometimes psychologically affected by a foreclosure. A short sale can help allay these harmful effects.

  1. When you have plans to buy a new house

If a lender forecloses your property, housing regulations dictate that you cannot get a mortgage for the next seven years. When you opt for a short sale, you can make a new home application in two years. This is also dependent on the bank. You may find banks willing to offer you a new mortgage in less than two years.

  1. It lessens the impact on your credit scores

Anyone who has had his home foreclosed knows that your credit ratings suffer. It makes it difficult to get credit from other sources. Your credit cards may be maxed out by your new credit rating, your car may be repossessed, and sometimes you may lose your job if you work in a financial institution with strict credit score policies.  A short sale offers you a better chance of recovering as opposed to a full foreclosure.

  1. There are no added costs

The entire process of getting a short sale has no hidden costs. The lender and the homeowner only need to reach an amicable solution to get the mortgage off the books. Sometimes, it is beneficial to the bank when you are willing to walk away from the house.

How to get a short sale

First, you need to provide evidence that you are genuinely unable to make mortgage payments. In most cases, a real estate attorney can navigate you through the intricacies of mortgage finance. The attorney can help convince the lender that you are unable to meet your mortgage obligations and that a short sale is better than an expensive foreclosure for both parties.

If you do not know of any good real estate attorneys, you can contact this company. There is no fee charged for consultations, and you can get proper advice on the legitimate options you have. Sometimes, the company can opt to purchase the house from you to lessen your debt obligation. The main aim is to ensure you get the best deal possible.

Get More Real Estate Market Info... Subscribe Below!

Learn more about us and find other resources on selling your house below. Like us, follow us, connect!

Leave a Reply

Your email address will not be published. Required fields are marked *