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What Are the Benefits of Short Selling My Home?

Posted on in Foreclosure

Lake County foreclosure attorneysIf you are behind on your mortgage payments and you owe more than your home is worth, you may be wondering what will happen next. One option which may be advantageous to you and your family is a “short sale.” A short sale occurs when a home is sold for an amount of money that is less than what the owner still owes on the mortgage. Short sales are often used to avoid foreclosure. Having your home foreclosed on is not only extremely stressful but can also result in significant damage to your credit score. Some people who experience foreclosure are even forced to file for bankruptcy. A short sale is not right in every situation, but there are several advantages to short selling of which you should be aware.

Avoiding the Stigma of Foreclosure and Remain in Control of Who Gets Your Home

Life does not always go according to plan and foreclosure can happen to anyone. One out of every 2541 residences in the United States is in some stage of the foreclosure process. In Illinois, that number is one out of every 1381 residences, nearly double the national average. Dealing with foreclosure on is not necessarily something to be ashamed of, however many people who experience foreclosure do feel embarrassed when friends and neighbors find out about it.

Short selling your home is a one way to avoid the stigma associated with foreclosure. Furthermore, because you are selling your home, you maintain control over the sale. You ultimately get to decide who gains ownership of your home instead of the bank making this decision.

Reduce Damage to Credit Score

A credit score is a number that describes a person’s creditworthiness based on his or her past credit history. Your credit score can influence everything from purchasing a new smartphone to renting an apartment or applying for a mortgage. Both foreclosure and a short sale will have negative impact on your credit score, but rebounding from a short sale often takes less time than recovering from a foreclosure does. It can take up to seven years to qualify for a new home loan after experiencing foreclosure. There are a great number of factors to consider when you are considering whether or not to pursue a short sale. Speak to an experienced real estate lawyer to learn about all of your options.

Contact a Libertyville Foreclosure Defense Lawyer

If you are behind on your mortgage, a short sale could be an option for you, but there are many steps that you must take to make such a sale a reality. Your first step is to contact an experienced Lake County real estate attorney from Newland & Newland, L.L.P. for help. Call our office today at 847-549-0000 to schedule a free, confidential, no-obligation consultation.

 

Sources:

https://www.realtytrac.com/statsandtrends/foreclosuretrends/

https://www.investopedia.com/mortgage/short-sale-property/

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