If you are upside down and need to sell, your options are to turn the deed over to your mortgage lender (deed in lieu of foreclosure), to let the property go to foreclosure, or to sell short. All of these options have ramifications and you need to research which option would work best for you.
A foreclosure is most damaging to your credit. Perhaps the worst consequence of a foreclosure if you are upside down is that your lender can pursue you years after the foreclosure for the difference between what you owe and what they were able to sell the home for.
A Short Sale is less damaging to your credit. Your home is listed for sale at current market value and when a contract is signed with a buyer, that contract has to be approved by your lender. The person negotiating the short sale on your behalf can include as part of the negotiations a request for the lender to forgive the balance.
This FREE report will explain who is eligible for a short sale, what paperwork is required and how the process works. Also, explained are the possible ramifications so that you can decide if this is a good option for you and what steps you should take to protect yourself.
Fill out the attached form and we will email you this report. You may also call anytime at 304-264-2828. We welcome your inquiries.
C Snyder, Broker
Jana Klaasse, Snyder Bailey & Associates Martinsburg WV
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