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Should I Short Sale My Home?
Is a short sale right for you?
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It is well known that many financial institutions sold mortgages in a deceptive manner-
approving people for loans they couldn't really afford.
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Over 2.9 million homes have foreclosed in the last three years
and the number is growing…
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Foreclosure isn’t the only option
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Sometimes short selling simply makes smart economic sense
Especially for homeowners who find themselves "upside down"
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That is, they owe more on their mortgage than their house is worth.
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What is a Short Sale?
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A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy.
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For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $500,000.
and market value of the home is $350,000
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Long story short, the lender accepts the offer for $350,000 and the home is sold.
That’s a short sale.
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According to national experts, after a short sale, a person’s credit will go down by 300 + or - points and prevents them from buying using a government backed mortgage
for up to 24 months.
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With a foreclosure,
credit is damaged for up to 4
years preventing
someone from obtaining a
government-backed
mortgage.
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Time is not on your side when
you are considering a short sale. You must act quickly and work only with a real estate expert.
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Save your home and your credit.
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You have questions.
Get the answers!
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www.TheCompleteGuideToShortSale.com
For more information visit www.thecompleteguidetoshortsale.com
The Complete Guide To Short Sale