A Bank Short Sale - My Only Option?
A bank short sale is not the only choice we have to avoid foreclosure - but it is definitely better than some of the other possibilities. If a homeowner is already in this position, they are already dealing with intense financial anxiety from every angle. If approved for a bank short sale, much of this stress will be alleviated because they'll be in a great position to purchase another home.
It is extremely difficult for us as homeowners to accept the fact that our home may be lost, but if it's going to happen, avoiding foreclosure is the highest priority. It's important for us to understand clearly that a short sale is not the"only" way out, but it may be the "best" way out. If we foreclose, the lender can sue us, garnish our wages, put a lien on other property, and hound us for years. All this in addition to the destruction of our credit rating. With a bank short sale - if handled correctly, we're making an agreement with our lenders beforehand to settle most of these issues now.
Either way, for the layman, a bank short sale or foreclosure can be quite stressful due to all of the complexities involved. There are attorneys, lenders, accountants, complex forms, legal jargon, and the internal revenue service to deal with. On top of that the money is tight on every side. We've got to remember in this situation that all parties involved are trying to get as much of their money as they can - so we've got to be prepared for anything. Banks are well-known for dropping surprise requests at the last second. Don't allow yourself to be pushed around!
By having expert legal advice from the outset, we can avoid many of these last minute surprises. Don't be fooled into thinking you can complete this process without expert advice. A bank short sale involves many aspects of law relating to taxes, lending practices, and real estate. Be sure that you have access to professionals in "each" of these areas. There are services offered by teams of attorneys, accountants, and real estate professionals that will help you complete the entire process - and then get their fees paid by the lenders. As with any service, there are good ones and bad ones - so be careful - but there are some excellent services out available.
A bank is losing money with a short sale and are not necessarily enthusiastic about doing them. They avoid a foreclosure - yes, but their attitude is not to be considered enthusiastic. They can be difficult to deal with at times because they're trying to get back as much money as they can. For this reason they might not always move as fast as we want - although we know they can. Patience is a valued virtue here - so practice it and keep cool. If you've ever had to work with the government you know exactly what dealing with these banks will be like.
The bank short sale is stressful on all involved, but if we complete it successfully, we'll definitely be the winners in the end. Hopefully, we'll come out the other side with no unpaid taxes, no bankruptcy and no foreclosure. This is why a short sale is so much better than foreclosure. It's a tough process - yes, but in the end we'll still be in a great position to purchase another home. Completing the process prepares us for our new future. A bank short sale is not the only way out - but I'll take it over a foreclosure any day of the week. - 23200
It is extremely difficult for us as homeowners to accept the fact that our home may be lost, but if it's going to happen, avoiding foreclosure is the highest priority. It's important for us to understand clearly that a short sale is not the"only" way out, but it may be the "best" way out. If we foreclose, the lender can sue us, garnish our wages, put a lien on other property, and hound us for years. All this in addition to the destruction of our credit rating. With a bank short sale - if handled correctly, we're making an agreement with our lenders beforehand to settle most of these issues now.
Either way, for the layman, a bank short sale or foreclosure can be quite stressful due to all of the complexities involved. There are attorneys, lenders, accountants, complex forms, legal jargon, and the internal revenue service to deal with. On top of that the money is tight on every side. We've got to remember in this situation that all parties involved are trying to get as much of their money as they can - so we've got to be prepared for anything. Banks are well-known for dropping surprise requests at the last second. Don't allow yourself to be pushed around!
By having expert legal advice from the outset, we can avoid many of these last minute surprises. Don't be fooled into thinking you can complete this process without expert advice. A bank short sale involves many aspects of law relating to taxes, lending practices, and real estate. Be sure that you have access to professionals in "each" of these areas. There are services offered by teams of attorneys, accountants, and real estate professionals that will help you complete the entire process - and then get their fees paid by the lenders. As with any service, there are good ones and bad ones - so be careful - but there are some excellent services out available.
A bank is losing money with a short sale and are not necessarily enthusiastic about doing them. They avoid a foreclosure - yes, but their attitude is not to be considered enthusiastic. They can be difficult to deal with at times because they're trying to get back as much money as they can. For this reason they might not always move as fast as we want - although we know they can. Patience is a valued virtue here - so practice it and keep cool. If you've ever had to work with the government you know exactly what dealing with these banks will be like.
The bank short sale is stressful on all involved, but if we complete it successfully, we'll definitely be the winners in the end. Hopefully, we'll come out the other side with no unpaid taxes, no bankruptcy and no foreclosure. This is why a short sale is so much better than foreclosure. It's a tough process - yes, but in the end we'll still be in a great position to purchase another home. Completing the process prepares us for our new future. A bank short sale is not the only way out - but I'll take it over a foreclosure any day of the week. - 23200
About the Author:
Anthony Mauwer's free advice has helped many borrowers successfully complete a bank short sale. Be sure to check out his short sale blog for tips, advice, and information on how the bank short sale can best work for you.
posted by X - Men @ 1:28 AM
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