What Is A Short Sale

What Is A Short Sale

What is a Short Sale??

What is a Short Sale?

A short sale occurs when a borrower sells their property for an amount less than the amount owed to the lender.  This requires the lender’s consent.

What is a Hardship?

A hardship is a life changing event for a borrower that can result in their inability to make mortgage payments.  Some examples are:

  • Job Loss

  • Separation or Divorce

  • Medical Bills

  • Inability to work due to health issues

  • House is worth less than you owe

  • Death of a spouse

  • Job Relocation

  • Reduction in Income or Unemployment

  • Business Failure

5 Reasons to Avoid Foreclosure?

  1. The homeowner will always have to disclose they have had a foreclosure on any mortgage applications.

  2. Credit Scores will be lowered, affecting the ability to get a car, apartment, credit card, etc.

  3. A foreclosure is the one credit report item that is almost impossible to be “repaired”.

  4. Military and government security clearance could be at risk with foreclosure.

  5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.

For more information on this topic or any other Real Estate Related information, visit us at:  EastValleyRealEstate.net   or follow us on Facebook:  https://www.facebook.com/RodgersTeamAZRealEstate

Kevin Rodgers Headshot
Phone: 480-420-6657
Dated: December 30th 2014
Views: 254
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