Are you facing foreclosure? One strategy some people try to use in this situation is a short sale. A short sale is when you negotiate to sell your home for less than you owe on the mortgage and have the lender release the lien on the property.
While this might seem like a simple solution, there are a number of risks associated with short sales. For example, in last week’s blog we talked about deficiency judgments, which could make you liable for the rest of what you owe on your mortgage even after you’ve sold the property. This week, we’re going to talk about some of the other potential problems you could encounter with a short sale.
If you’re facing foreclosure, you may have done a little research on a short sale as a means of avoiding foreclosure. A short sale is when you sell your home for less than you owe on your outstanding mortgage debt, and the lender releases the lien on the property.
This might sound like a great option, but there is a lot of risk that comes with short sales. There are a number of things that can delay the proceedings or even stop them altogether. And even after the sale is complete, you might not be off the hook for the remainder of what you owe. This week, we’ll focus on the later risk, the risk that you could still owe a lot of money even after the short sale is over. This is called a deficiency judgment.
Are you facing foreclosure in Frederick? Have you just about run out of time? Many homeowners find themselves in this situation for one reason or another. Maybe you’ve explored options that didn’t pan out. Maybe you were unsure what to do and now find yourself staring at a fast-approaching deadline. No matter the case, you should know that even with limited time, there are still a few options available. Learn what these are, and how to choose one that works best for you.
Are you looking for a local home buyer in Howard County? Working with a buyer who knows the area has a number of advantages. A home buyer with experience in the area can help you sell your home faster. Read on to learn how Grays Home Solutions can help you sell your home in Howard County.