Seven Ways You Benefit From A Murrieta or Temecula Short Sale
Murrieta and Temecula CA – A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.”
That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply better credit. So I put together the entire list and here they are.
1. The upside down debt is erased in most cases. If you are selling because of a financial hardship, then the upside down debt will be automatically erased in most cases. Is your loan is owned or insured by the following agencies: Fannie Mae, Freddie Mac, FHA, and or VA? If you are short selling because of a financial hardship, their policies state that your debt will be erased.
2. You are eligible to buy another home much sooner compared to a foreclosure. The most common loan program, Fannie Mae, stipulates that you can buy another home under their program in 2 years. FHA, a popular low down payment loan program stipulates that you can qualify for an FHA loan within 3 years.
3. No Cost To You. That is right. A short sale costs you nothing. All of the expenses are paid for by your lender. That includes the title insurance, any county taxes or fees on the sale, attorney fees, and the Real Estate Agent commissions. If the lender foreclosed on the house and then tried to sell it, they would have to pay all the costs. So why not pay the costs with a short sale?
4. Your credit suffers less damage. Most people think that a short sale will be the kiss of death to their credit. That is the one big advantage of a short sale over a foreclosure. Upon completion of the short sale, your credit score may drop between 50 and 100 points. However it will rebound fairly quickly. The other benefit is that you will have less debt. (A lot of debt tends to hurt your credit score.) You will have a lower debt to income ratio, which will boost your credit. In a couple of years your credit will be back to normal and you can buy another home. In addition, anything and everything bad on your credit can be fixed thru the dispute process.
5. You can often rent a comparable house for less than your former mortgage payment. In one example, a homeowner in foreclosure found a larger home. It even had a fenced backyard for their kids to play in and a 3 car garage. Their prior mortgage payment was $2,500. They rented the nicer, bigger house for $1,850 a month.
6. You avoid the humiliation of a foreclosure.
7. You don’t have to pay rent during the short sale process. A short sale typically take 3 to 4 months and some take up to 6 or 9 months. Not all of them do. But, some do. If you aren’t concerned about your credit, then you can stop making your mortgage payments during the short sale. You can use the savings for the deposit on a rental.
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at
info@BWestRealty.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have.
Or, if you prefer, you can call me at 951-375-0367
Discover how other sellers successfully completed a short sale and request a free consultation by
clicking here.
Thinking about a loan modification? Our Murrieta loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Click here to request a copy.
Thanks for reading this, Kevin McLaughlin.
Kevin is a Real Estate Broker at Berkshire West Realty. Murrieta - Temecula Short Sales Realtor: Phone: 951-375-0367.
info@BWestRealty.com.
Sometimes Moving Forward In Life Begins By Simply Moving
Kevin McLaughlin specializes in loan modification assistance and short sales in Murrieta and Temecula California. Murrieta Loan Modification Help, Murrieta Short Sales. Murrieta Short Sale Realtor. Temecula Loan Modification Help, Temecula Short Sales. Temecula Short Sale Realtor. Winchester Loan Modification Help, Winchester Short Sales. Winchester Short Sale Realtor. Menifee Loan Modification Help, Menifee Short Sales. Menifee Short Sale Realtor. Wildomar Loan Modification Help, Wildomar Short Sales. Wildomar Short Sale Realtor. Murrieta CA Short Sales. Murrieta Realtor. Murrieta Homes For Sale, Temecula Homes For Sale, Winchester Homes For Sale, Menifee Homes For Sale, Wildomar Homes For Sale Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice Kevin McLaughlin, Berkshire West Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale that is paid by your lender. The views expressed here are Kevin's personal views and do not reflect the views of Berkshire West Realty.
This information on Seven Ways You Benefit From A Murrieta or Temecula Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
