Why A Short Sale Is Better Than Foreclosure

Are you a home owner who is in danger of losing your home?  If you think there is no way you are able to pay your mortgage because of circumstances beyond your control, I guess it is time for you to consider short sales rather than losing it through foreclosure.  Start looking for an expert like a short sale attorney san diego who can help you with the process.

With the unstable economy we have right now, a lot of homeowners are facing foreclosure on their properties.  A short sale is a better option to foreclosure.  It is a sale made from selling a property that is less than what the owner owes to the lender.

The bank or lender usually approves a short sale because it is the best way for them to get something from the sale of a property rather than losing it especially if the owner is already incapable of paying the mortgage.  The lender would approve it especially if the home market value is going the down trend.

Looking at short sales a little closer, we see a "win-win" situation for everyone involved.  It may be beneficial for the sellers, lenders and buyers but there are repercussions to this process.  It is the lesser of two evils, as compared to foreclosure.  The process takes longer and more paper works are needed.  It also has a bad effect on the credit of the seller.

For sellers thinking about going through short sale on their real estate, it is a great way to hire a lawyer that knows and understands everything about short sales.  Lawyers will help you understand the process and the consequences that are expected.  They will try their best to protect your interests during the whole short sales process.

Not all lenders would approve short sales.  However, with the help of a lawyer, they are most likely to approve it.  The lawyer can help sellers produce the necessary documents that could help to convince lenders to approve it.  They serve as your agents in negotiating a better sale price that is acceptable to lenders.  Overall, they help in making the process shorter and more beneficial to the seller.

This is a sponsored post however; all the points and views are my own.