Bank Foreclosure or Short Sale?

Bank Foreclosure or Short Sale? The Differences You Should Know

I have been involved in short sales for about six years.   Back then, short sales were extremely difficult to do. Today, not only do the banks have a short sale department, they also recognize the value.  In fact, they have strong government influences guiding them to do them at all costs.    Did you know that you could buy a home in two years with a short sale instead of seven with a foreclosure?   Did you also know that people who own their home have ten times more wealth than people who rent? 

Homes that could be occupied, after missing a few payments, end up being vacant all the time.  The truth is…banks do not start the foreclosure process until the homeowner is 4-6 months behind.   This process adds another 120 days, minimum, before they can sell at an auction.  Also, the banks will almost always postpone the sale to accommodate the short sale process for sometimes up to a year. 

One scenario is... the homeowner moving out after they miss a few payments and moving into a rental:  Six months of rent at $1,200 = $7,200 they could have saved.  The short sale process adds another 90 days, which brings it to $10,800 total.  On top of that, with the government’s HAFA program, that same homeowner will also receive $3,000 for doing a short sale for a grand total of $13,800 in savings.  That is $13,800 basically for not walking away.  This is a very real scenario that I work with everyday.  On top of that, your bank will pay all closing costs, including commissions!

Call me to see if this is an option for you. The government has created the HAMP program to encourage your bank to work with you to save your home.  They may be able to lower interest rates, tack back payments onto your balance, and many other programs.  If you cannot qualify for this program, I am 100% percent certain that a short sale is better than a foreclosure on your home.  Check out your options on the government web site at www.makinghomeaffordable.gov     

 I can help you, but you have to take action now. You can contact me, Greg Portlock, at (303) 521-7325.  I live and work in Brighton, and have been a top RE/MAX agent in this area for 13 years.   Or you can contact me at freedenversearch.com

 

         Greg Portlock  303-521-7325