Corona del Mar Short Sale Specialist

Corona del Mar Short Sale Specialist 

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What is a short sale? A short sale is when a property sells their property and they owe more then it is worth. You may qualify for a short sale if you are behind on your payments due to financial difficulty, divorce, job loss, job transfer, medical bills etc.  There are a myriad of reasons you may have to short sale, but ultimately your lender (lenders) must approve the sale of your property. What if you are not late on your payments and do not have financial difficulty?  You may still qualify for a short sale!  This of course is not guaranteed but always worth a shot.

Difference between a foreclosure and short sale? The Difference between a short sale and a foreclosure are many but I will only touch on three differences.  1. If the bank forecloses on your property they may come after you with a judgment to pay the difference.  This can follow you for years and no one wants to pay for something they do not have or live in.  2. You may not be able to purchase a home for over 5 YEARS!  3. If you are seeking a job promotion and they ask you for a credit report and a foreclosure pops up then you may be declined that promotion. However, a short sale (in most cases) will show as satisfied which will not hinder your promotion.

How you can benefit from a short sale? The benefits of a Short Sale outweigh the damage of a foreclosure indeed.  If you are thinking of just walking away from your property and letting the bank foreclose WE NEED TO SPEAK!  Do not let the bank threaten you because you have options.  Call Tim Krueger today for your free consultation.