Short Sale Benefits – Advantages of Short Sale – Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on January 10, 2011

in Latest News, Sellers

Short Sale Benefits – Advantages of Short Sale – Charlotte NC

A very common question among homeowners facing foreclosure in Charlotte NC is what are the benefits of a short sale and the advantages of a short sale?  There are many benefits and advantages of short sales, but one common misconception is that short sales do not affect your credit.  In fact, short sales do affect your credit score if you are behind on payments.  Late payments on your mortgage will show on your credit, which will reduce your credit score, although typically not as much as a foreclosure. **Keep in mind, I am not a CPA, tax advisor, or attorney.  Please consult the appropriate professional about short sale tax and credit consequences.

List of Benefits & Advantages of Short Sales

  • Most lenders will postpone or pause the foreclosure in attempt to allow you to do a short sale
  • Short Sales are not reported on credit history.  Late payments do affect your credit score, but in most cases, the loan is reported as “paid in full” or “paid as negotiated.
  • Eligible for a Fannie Mae backed mortgage 2 years after a short sale versus 5 years after a foreclosure.
  • Avoid foreclosure.  Keep your head high knowing you sold your home and are not branded with the “F” word.
  • You can remain living in your home while attempting to short sale.
  • You do not have to make mortgage payments while in the short sale process.
  • Typically, you will not be denied a job because of a short sale.  Employers can deny you a job due to a foreclosure on your record.
  • Your Real Estate Agent is paid by the lender/mortgage company, not by you!

Are you having trouble keeping up with your monthly payments for your Irvine Orange County home? Do you owe more on your home that it is actually worth? Do you need to move and can’t sell for what you owe? Consider a short sale!! Call Robert Mack today at 949-209-7309

Posted on Irvine Orange County Real Estate Market News

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Post by Robert Mack

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