Know your options when facing foreclosure short sale
It’s possible that you’re now facing foreclosure because you can no longer pay for your mortgage. I want to help you with your problem by informing about the options you can take. With more information about short selling and the two kinds of foreclosures, you can make a better decision.
For best results, I suggest that you consult a real estate lawyer or a tax accountant before making any important financial decisions. But to get you started, let me give you some idea about foreclosure short sale.
You can opt for a short sale when the value of your house or property is less than your outstanding obligations. For example if Mr. David has a $100,000 mortgage but his house can only sell for $50,000 in the current market, he’s more than likely to be qualified for a short sale.
Be informed that short selling means you will sell your property at less than market value so the proceeds of the sale will all go to your lender to satisfy your debt.
The problem with short sales and non-judicial foreclosures is asset protection. If you try for a short sale or non-judicial foreclosure, your lender will most likely go after your remaining assets in order for you to pay for your debt.
So if you want to protect your remaining assets just go for a regular judicial foreclosure. All you have to do is remain in default and the court will handle all the legalities for the expedient public selling of your house.
The big down side of a Judicial foreclosure is that it can take longer than a short sale or a non-judicial foreclosure. It’s also a very complex and expensive proceeding than any of the two. But if you have a second house or any remaining asset, you can protect it from your lenders only by going through judicial foreclosure.
To know more about foreclosure short sale, credit protection, zero taxes and how to avoid personal liability, sign up for my newsletter right away. You will get my exclusive 25 page report and how-to video containing very comprehensive information about the ins and outs of short selling.
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