There are many people in the market place that are not sure what to do with their current real estate investments. These are times that it is necessary to make educated business decisions. The key here is EDUCATED decision.
Speak with an accountant and or an attorney. You typically do not need to retain an attorney until a Lis Pendens is filed (Lawsuit). Understand your rights as a consumer.
Understand the difference between a short sale and a foreclosure.
Short Sale:Once closed your loss is defined. A primary residence that qualifies under the HAFA http://bit.ly/beZQZaprogram could prevent future liability toward a deficiency. Be careful of HELOC loans that were used to purchase anything other than home improvements. As of today you can qualify for a Fannie Mae Loan 3 years after your short sale closes.
Foreclosure:This has many unknowns. Did you realize all expenses incurred once the bank forecloses on your home are your liability. Yes, they are pursuing these deficiency judgments. In addition, you will need to wait 7 years prior to getting another loan.
Get educated and understand the pros and cons of the decision you make. We feel that a short sale is far more beneficial to all parties over a foreclosure.
Benchmark Real Estate Group
We will be happy to educate you on the short sale process. We work with Luxury Properties as well. Click this link for additional Information regarding the process procedures.
EDUCATION IS KEY
We have a 100% Success Rate in Closing Short Sales
Authored by: Torey Eisenman