There are three reasons why a homeowner should consider a short sale, which is when your lender agrees to let you sell your home for less than what you owe on it. The first reason is because it will prevent you from going into foreclosure. You really want to stay away from foreclosure because it is detrimental to your credit report and credit score. The second reason is that it will allow you to get rid of toxic debt. If you are upside down on your mortgage and owe more than what the property value is, you obviously want to be able to rid yourself of that toxic debt while the opportunity is being given by the federal government and the state with regards to ways to get rid of that deficiency. The third reason you should consider a short sale is it gives the homeowner an opportunity to get a fresh start. It will rid the homeowner of that toxic debt, give them a fresh financial start and get back on the path to recovery.
If you have additional questions about the benefits of a short sale, or other foreclosure alternatives, please reach out for help from Toni Patillo & Associates by calling or emailing them or checking out their website at www.ToniPatillo.com. You can also try out their free calculator at 123BreakEven.com to learn more about your home’s value as well as when you can expect it to be an asset again; from this you can determine whether a short sale might be in your best interest. A number of homeowners in the area have taken advantage of this free calculator and Toni and her team would like to encourage you to do so as well. Be educated and informed about your situation so that you can make the best financial decision possible.