Florida Short Sales Impact All Generations
The housing crisis affects homeowners of all generations and now many Americans choose a short sale as a way of recovering from financial hardship. A short sale is a pre-foreclosure process that may help homeowners preclude the lender from foreclosing on their property. Even retirees are now facing the difficult reality they, too, may stand to lose their homes.
Just as many younger homeowners started out by taking out mortgages that would balloon out of control in the years to come, older homeowners were relying on the equity in their homes as a way to enjoy their retirement. Retirees took out second mortgages to pay for that trip of a lifetime and the failing economy made repaying those loans difficult. Now these same retirees face short sales or the possibility of foreclosure.
More and more millennials moved back in with their parents after college when they realized they could not afford to repay student loans and pay rent or a mortgage. For many of the parents of these graduates, this also created a financial burden.
The housing crisis knows no socio-economic or age boundaries. Even the richest actors have faced foreclosure just like everyday families that live paycheck to paycheck.
When You Cannot Pay the Mortgage
Financial hardships can happen over a course of months or years or they can happen overnight. Personal debt may increase gradually over time, while illness, death or job loss can happen literally, overnight. The result is the same – you reach a point when there is no longer enough money to pay the bills.
The best solution is to ask for help as soon as you realize you need to get out from under your mortgage. The longer you wait, the greater the risk the lender may pursue foreclosing on the property. If your lender contacts you, talk to them and let them know you are struggling. It is much better than being blindsided when you receive a letter stating the lender’s intent to foreclose.
Consider a Short Sale before Foreclosure
Everyone asks if a short sale has less impact on your credit than a foreclosure. Your credit score will be affected any time you miss payments or stop paying debts. So, it is a given that a short sale will have some impact on your credit. A short sale seller may re-apply for some federal loans after two years compared to 7-10 years for a foreclosure or bankruptcy.
Your credit history also has a huge impact on how a short sale or a foreclosure will affect your credit score. If you have a history of missing payments, your credit is already suffering. If, however, you stayed current on repaying your debts, the chances are better that your credit score will recover much quicker.
Who Can Answer My Short Sale Questions?
Call Short Sale Facilitators to meet with Alma Korshak in her office in Casselberry, Florida. Alma has been negotiating short sales for seven years and has the experience and knowledge to answer any questions you have about the short sale of your property.
When you make the decision to short sale your home, you will need to work with a realtor to list and market your property. It is important to work with a realtor knowledgeable about the short sale process. When you work with Short Sale Facilitators, it is also important to include that information in the MLS listing and to document it in the contract.
The fee for a short sale negotiator is considered part of the closing costs paid by the seller or in some rare cases, by the lender. It is important that the buyer understand upfront there will be a fee for a short sale facilitator that must be settled at closing.
A short sale is a long and tedious process. The decision to short sale is not an easy one to make and it only makes sense to take advantage of an experienced short sale negotiator like Alma Korshak. A short sale approval letter ultimately hinges on everything coming together accurately and on time.
Short Sale Facilitators will not stop until they have challenged and negotiated every aspect of your short sale. Alma understands that short sales can affect everyone in every walk of life. She considers every client a priority.
Short Sale Facilitators. The Power of Negotiating.