This could result in an inevitable foreclosure, but there is an alternative to foreclosure and bankruptcy; it's called a short sale. Although it can be a difficult decision to make for many, it might just be your best option. A short sale can and just makes financial sense for many people in this situation.Most people have concerns about choosing a short sale rather than going through a foreclosure. It's just a wise decision to take steps to help yourself out of a bad financial situation, doing nothing ugg on saleis the worst thing you can do.If you're underwater, meaning that you owe more than your home is worth or can't sell because of negative equity.
You should contact your lender and ask about your options, most lenders will accept a short sale option. Remember lenders don't want to foreclose; it is costly and stressful for all parties involved. Lets be very clear about this next point there is damage to your credit with a short sale. However, it's not as bad as a foreclosure. A short sale will prevent you from buying a residence using a government backed mortgage for up to months.With a foreclosure, the time frame to qualify is - years. You will also have to disclose on your mortgage application that you had a foreclosure. (Yes, it specifically asks ugg on sale if you had a foreclosure).When making the mortgage payment is a monthly struggle and the homeowner has a significant amount of negative equity a short sale could be the best path.In most cases where the homeowner is walking into an eventual foreclosure, its a clear cut advantage to utilize a short sale. A short sale will allow the homeowner to buy a home much sooner and allow a family to rebound faster. Despite the negative impact on credit, in many situations a short sale makes financial sense for your family.
Within the short sale process there are many benefits to working with a real estate investor who can make an immediate cash offer on your upside down property. An immediate offer will speed up the process ugg on sale and save valuable time. Since a legitimate offer must be received before the lender will consider a short sale, working with an investor can increase the likelihood of success and help to limit the damage to your credit.An additional benefit of working with a real estate investor is having a committed buyer involved. A knowledgeable investor understands the short sale process and expects the inevitable delays. In some cases it take + months to receive lender approval on a short sale. These delays can lead to problems for the distressed homeowner. In order to improve your chances of success you should consider working closely with a cash investor who will remain committed to completing the transaction.