Paying mortgage can be a challenge for many people given the economy today. However, there are solutions that can help ease the burden and get you out of the rut. Let Jason Buzi help you get a short sale.
Numerous lenders can let borrowers settle out of a mortgage loan via short sale. Several advantages are tied to this kind of transaction. Both the customer as well as the lender will gain from this arrangement. A short sale means a family or person would see a house for an amount which is less than that which remains on the mortgage. There can be a slight loss incurred by the lender or the bank, but this is better compared to the possible damages that can happen when the borrower defaults on further payment of the mortgage.
Meanwhile, there are also some advantages of a short sale. The main benefit of doing a short sale is that it help you avoid foreclosure. A foreclosure can prevent you from obtaining another loan to purchase a home for around 5 to 7 years. When you do a short sale, some lenders or banks may give you a home loan in as short a span as a couple of years. Nonetheless, regard of your circumstance, failure to pay your mortgage would give you a lower credit score. Take note that your credit report will contain a short sale for 7 years while it takes 10 years for a foreclosure to be removed from your credit report.
Following a short sale, you don’t need to make mortgage payments. However, before you make a decision on this kind of sale, you first need to weigh in on all the legal options you have, which include mortgage modification as well as renegotiation. You can consult a veteran lawyer to help you understand the best legal and financial action you can take. Many opt for a short sale as it is often deemed as the fastest way out of mortgage payment and it can pave the way for a more stable future for you.
Let Jason Buzi help you in short selling your house and getting out of mortgage payment.