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Short Sale vs. Foreclosure Charleston South Carolina

While "Short Sale Experts" appear to be everywhere, please do not ever give money to anyone who says they can help stop or prevent foreclosure. This will be the red flag that something is not right. Besides just being unethical, stopping or preventing your foreclosure is not a certainty. Dealing with experienced people that will work for you is better than than the alternative. If you are in the Charleston area of South Carolina we can help.

Short Sale vs. Foreclosure: Which is the Better Option?
Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life's most unpleasant experiences, and unfortunately it happens more often, to more people all across America. Foreclosure is also an event that keeps on affecting you long after your home is history by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they cannot foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. Therefore, it is a good idea to understand the available alternatives should the worst occur.

Of all available options, foreclosure is the worst
The inevitable result of a foreclosure is the lender taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. If that isn't enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain any other kind of credit. There is no upside to foreclosure. It should be avoided at all costs.

Consider a Short Sale when foreclosure seems inevitable
A Short Sale is a popular option for homeowners mired down with financial problems. In this case, you would sell your home for less than what you owe your lender; the biggest problem you will face is getting your lender to agree to a short sale. In many situations, they will not. Experts advise pursuing this option the minute you realize that you are falling behind in your payments and most likely won't be able to catch up. The longer you wait and the greater the amount you are in arrears, the less likely it becomes that your lender will even be willing to discuss a short sale.

?? Short Sale Disadvantages??
The New Federal Legislation called the *Mortgage Forgiveness Debt Relief Act 0f 2007* that just went into effect on January 1st, 2008. This new act essentially eliminates credit score problems.

While a Short Sale will save you from foreclosure, it also MAY HAVE a negative effect on your credit score, if the bank does not mark the sale as "PAID IN FULL - DEBT SATISFIED" This can be overcome more quickly than the black mark of a foreclosure, especially if you manage to retain one or two credit cards and keep them current.

Prior to This The Internal Revenue Service frequently deemed the difference between the mortgage balance and the amount realized from the Short Sale to be taxable as income despite the fact that the debtor never saw a dime of it. Our Goal is to provide you with a successful outcome to all of the above.

Almost any option is better than foreclosure
Simply stated, do everything you can before foreclosure occurs and do it as quickly as humanly possible. Don't sit back and keep thinking, "What can I do?" Instead, consider that Short Sale and check with your lender before your options become more limited.

The One Best Tip We Can Give You: Don't Do This Alone

Having someone who will work on your behalf is incredible to your peace of mind!! Facing foreclosure is a scary thing, some folks have been less than a month away from losing their home before they acted to get a Short Sale done.

Don't just get anyone to help you!
We have lots of Short Sale experience, and it makes all the difference. Our Skilled Professional, Bank Short Sale Negotiating Team of Short Sale Experts knows:

• Who to talk to, When to talk to them
• Why to talk with them
• What to Say to them
• How to talk With
• Them how to handle all the paperwork to get the deal done.

You Need Experienced Short Sale Guidance!!

Not in South Carolina? We Buy Houses all over the United States. Locate your State From Here!

Article Provided by SChomebuyers.net

No Equity in Your Home?

Having no equity in your houses is not something that is not uncommon right now in today's real estate market. It seems to be a national epidemic of sorts.

One of the many challenges you will face when selling your home is that there are no accurate comps in your location for the banks to compare value to.

For example, if you neighborhood has only had three houses sold in the last 8 months and/or you have several foreclosures / REO's (real estate owned) in your neighborhood, it will simply kill your comparables and could very well make it next to impossible to deal with the bank when your new buyers try to get a loan.

So how frustrating can that be? Very. Especially when you find a buyer for your house, you think the deal is done and now the banks won't approve the loan for the new homeowner.Some banks won't even allow the loan to go through unless they have accurate comps in your neighborhood that meet that banks criterea. You never really know what formula they go by, but it happens all the time.

With We-Buy-Houses-Atlanta-Georgia.com, we may be able to buy your house and close when you want. We have seen almost every situation and have many different solutions when it comes to selling your house fast. We have the "team players" to close our transactions quickly:

• Attorneys
• Title Agents
• Lenders
• Mortgage Brokers
• Repair Contractors
• Termite Inspectors
• Insurance
• Etc...

You will never know what we can offer unless your give us a try. Please visit us at any of these locations.

Atlanta Georgia Home owners please go to We-Buy_Houses-Atlanta-Georgia.com

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Latest Statistics on Real Estate Home Sales
June 25th, 2009

So how are Home Sales you ask? I don't think that this is going to surprise anyone, but the housing market sucks. Despite the latest statistics that we released that house sales have gone up 2.9%.

Here are some other statistics that they are not telling you about home sales:

• Of the existing homes sold last month, 51.1 percent were properties that had been foreclosed on. A year ago it was 39.8 percent.
• Indicators of market distress continue to move in different directions. Foreclosure activity is nearing its 2008 peak, while financing with adjustable-rate mortgages is at an all-time low, as is financing with multiple mortgages.

Sure, many cities and states have seen a small decrease in the number of foreclosures between April and May 2009. These cities include Las Vegas (8.33 percent), Phoenix (2.28 percent), Atlanta (2.03 percent), Detroit (1.02 percent), Miami (6.10 percent), and Denver (7.56 percent). California, Georgia,Texas, Nevada, and Colorado have all seen their statewide numbers of foreclosures decrease by only 5 percent or less. This is big news and sounds great only because most of these states have seen gains in foreclosures every month for at least a year. A month or two of 5% percent less sounds great, but is it going to last?

Even though these states that have been seeing foreclosures sore and they are doing no more than "stabilizing" shouldn't and doesn't mean this housing crash is over or even near over. Lets take a look at some other states that are getting worse:

• Chicago increased by nearly 13 percent
• Minneapolis increased by almost 10 percent
• North Las Vegas saw an increase of over 6 percent
• Memphis jumped by over 31 percent
• Illinois increase by 6.62 percent
• Nevada saw statewide increases of 4.65 percent
• Florida, Ohio, and Michigan each saw increases of around 1 percent.
According to ForeclosureListings

While these state increases may not appear to be an overwhelming disaster, but these states have already seen large numbers of property foreclosures and the situation does not seem to be drawing to a close if these most recent figures are any indication.

No matter what your situation is, if you need to sell your house fast in this market it doesn't seem like it is helping you any. With new home buyers are going after newer homes with more incentives, making it very difficult to move older properties.

We Buy Houses in 1 week have been helping homeowners buy buying their homes fast in all markets. If you have a home that you need to sell please contact us today and complete our home selling questionnaire to see if your house qualifies for our fast home purchase program.

Selling your home in Atlanta Georgia? Visit We-Buy_Houses-Atlanta-Georgia.com
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We Specialize in Helping Owners with Their Real Estate and Foreclosure Headaches

The best thing to do when trying to prevent a foreclosure is to act before your lender files a Notice of Default, at this point you options are limited. That is why it is better for you to call your lender before falling behind on your payments, because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced.

Though, in some ocassions we have had a bank stop the sale, it is not common after the houses has been been put up for sale or auction.

You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure and stop the foreclosure. This is called reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure:

• Sell Your Home.
  Interview real estate agents to get an opinion of market value and average DOM to sell your home. You might be tempted to hire a discount broker, but many sellers feel they need the exposure and marketing that full-service brokers offer. Compare both to determine which best meets your needs and time frame. Many banks will not talk directly with the homeowner, so with WeBuyHousesin1Week.com we will negotiate with the bank for you.
• Consider a Short Sale.
  If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale affects credit but it's not as bad as a foreclosure. You or your agent will need to negotiate with your lender to find out if the lender will cooperate on a short sale. This is called a pre-foreclosure redeemed. We also have many buyers already lined up that may be able to buy your house fast and stop the foreclosure.
• Sign a Deed-in-Lieu of Foreclosure
  This is called deeding the home back to the lender. The homeowner gives the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action. Deeds-in-lieu of foreclosure affect credit the same as a foreclosure.

The lender might also work an arrangement where a home owner can remain in the home until finding a place to move into. Owners in default should negotiate the right to retain occupancy, arguing that if the lender followed through on the foreclosure, an owner would still enjoy the right of possession during that procedure.

The bottom line is a foreclosure is not going to go away unless you have someone working on your side communication with the bank. Contact us today so you know all your options.

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A foreclosure can be a scary experience for anyone and we are here to help

We-Buy-Houses-Atlanta-Georgia.com has a proven track record of helping homeowners who have gotten behind on their house payments.

The first thing is not to panic. You do have several options. Some of the most common solutions to stop a foreclosure that we can help with is to catch up your back-payments, take over payments or negotiate a short sale with your bank

No consultation fees, no upfront fees, we simply want to help you find a solution to your foreclosure burden so you can move on with your life.

Statistics from Homeowners Facing Foreclosure

• 1 out of every 200 homes will be foreclosed upon.
  For a city like Washington, D.C., that translates to 3,000 Washingtonians losing their homes to foreclosure each year. – Mortgage Bankers Association
• Every three months, 250,000 new families enter into foreclosure.– Mortgage Bankers Association
• One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage.– Based on information from the Mortgage Bankers Association
• A slower real estate market can translate into falling prices and home values. As a result,homeowners who opted for adjustable rate mortgages may now find that as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option.
• Six in 10 homeowners wish they understood the terms and details of their mortgage better. – Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005.
• More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage. – Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005

Tipping points that put homeowners over the edge:

Lenders and investors do not make money on foreclosures. Losses range from 20 cents to 60 cents on the dollar. Lenders typically lose $50,000 or more on one foreclosure. – Craig Focardi, CMB, Research Director, TowerGroup’s consumer lending division, cited by Dona Dezube, “Heroic Homeownership,” Mortgage Banking, (June 2006) p. 82.

Low- and moderate-income borrowers who enter a repayment plan are 68% less likely to lose their homes.– Dona Dezube, “Heroic Homeownership,” Mortgage Banking, (June 2006) p. 82

We-Buy-Houses-Atlanta-Georgia.com are in your area and we can help you understand all your options so you can best decide the method that would be best for you to stop foreclosure.