If you’re a homeowner facing foreclosure, there is more at work than meets the eye. There’s the constant stress and frustration about what your next steps should be, or if those steps even make sense for you as homeowner.
Well, if you’re facing foreclosure it’s important to know about all of your options. One of those options is a short sale. If you’ve never heard of a short sale before, then I highly recommend you reading this. However, if you have heard of a short sale then it could be hard to determine if you should do a short sale… or go into foreclosure.
Regardless of option you choose, you should at least have the benefits of both.
Short Sale Benefits
Here are a few benefits of a short sale:
- It gives you (the homeowner) more control over the sale, instead of the bank.
- Since you’ll be putting your home up for sale, the same respect and care a “non-foreclosure” home gets from the market, yours will get the same as well.
- It will help remove a lot of the stress and uncertainty by knowing exactly who is buying your house.
- You’ll also save yourself from taking a huge hit. Not only on your credit, but you’ll also save yourself personal pain because you don’t have a foreclosure on your record.
Buying A Home After A Short Sale
Now, one of the biggest questions most people ask is can they still buy a home after a short sale. And, the answer to that question is yes. However, there are certain steps that you have to take in order to do that.
If you sold your home as a short sales you can reapply for a Fannie Mae-backed mortgage after two years IF you have the right documentation. You may also qualify for an FHA loan one year after a short sale.
Buying A Home After a Foreclosure
The next big question that we get asked a lot by homeowners is can a home still be purchased after going into foreclosure. The answer to that is also yes, however there are certain stipulations to that.
Let me explain.
If your foreclosure was due to extenuating circumstances, you may be eligible to buy another home in three years. Others, there is a standard waiting period of seven years. There’s also a chance to apply for a FHA loan after a 12 month waiting period.
Only You Can Really Decide Which Route To Take
If you’re a homeowner and you can’t decided whether to do a short sale or go into foreclosure, we’ve made this with you in mind. It’s a short quiz that will determine (based in our professional opinion and helping thousands of homeowners get approved for short sales) if a short sales is in fact right for you.
So, if this is something you’re interested in…
Here’s What To Do Now
Go here, and take this quiz. It’s short, simple, to the point, and will determine if a short sale is right for you.