There are many questionable claims made by Short Sale advertisers, and reliance on those claims may harm you legally and financially.
Some important issues to consider when deciding whether to short sale your home or allow it to go into foreclosure are:
1. Whether or Not You Qualify for a Short Sale
2. Federal Tax Liabilities Resulting from a Short Sale / Foreclosure
3. The Impact on Your Credit Rating
4. The Effect on Your Life and Finances Due to Resulting Deficiency Judgments
5. Whether or Not Collection Efforts by Your Lender will Cease or Continue for 10+ Years; and
6. The Estimated Waiting Period Before Being Able to Purchase Another Home.
Consider a short sale as an option if:
1. Most of your debt is your mortgage debt. In other words, you do not have any other substantial credit card or other type of debt.
If you are burdened with other debt also, it may be best to consider filing for bankruptcy and doing a short sale. (Note: Bankruptcy does not erase the record of a foreclosure from your credit report.)
2. The fair market value of your home or real estate is substantially less than the principal balance owed on your mortgage.
Remember that according to historical data from the last 50+ years, your real estate will most likely not appreciate, overall, more than 3-5% per year.
Caution: there are many questionable claims made by Short Sale advertisers.
Many individuals and families are experiencing difficult times: if you are one of these individuals, the last thing you need is to hear cleverly-worded, one-liner rants crafted by high-powered marketing experts who have the insidious purpose of luring you by giving you false hopes. We have received many calls from individuals and families who have been misled and hurt by believing these claims, including:
"Short Sale Today-Buy Tomorrow"
"We'll Make Sure the Bank Doesn't Sue You"
"We Don't Charge You a Fee for a Short Sale"
"Reduce Your Principal"
"The Bank Can't Produce the Original Note... Sue the Bank" "Get your House for Free"
Residential real estate will always be a sector that is rarely static. It sees movement all the time, and the kind of money involved is huge. It is for this reason that many home-owners and investors nowadays are looking at hiring residential real estate Broker backed by attorneys for protecting their financial interests and getting them out of potential legal loopholes. One of the most trusted names when it comes to hiring real estate Broker backed by attorneys in Nevada is Attorney Realty Alliance. We have built up a great reputation ourselves through effective services that have helped thousands of our customers in saving them from a lot of financial headaches.
At Attorney Realty Alliance, we encourage real estate short sales. Short sales have become increasingly popular in recent years, and here’s why:
Avoid Foreclosure: This is the primary purpose of opting for a short sale. If your home value is less than what you owe on your mortgage, a short sale is the ideal solution. Under a short sale, home-owners sell their properties, and the resulting money from the sale is given to the lenders as payment.
Takes off Financial Pressure: Short sales have offered people a great way to take the burden of finances off their shoulders. Avoiding foreclosure can have several financial benefits.
Long-term Consequences: Foreclosure means having to deal with greater financial problems in the long run. But with a short sale, the consequences over a prolonged period of time are 4-5 years less.