When to Short Sale your Home

How will you know when to short sale your home?

Making the decision to short sale your home is not one that is meant to be taken lightly.

Home ownership is one of life’s biggest responsibilities. Most people enter enthusiastically into a mortgage with every intention to pay on time, every month.

But then something happens. After years of employment, a company suddenly goes bankrupt leaving families without a source of income. Or something else happens: an accident leaves a husband disabled and unable to earn a decent income to support his family.
What happens when the major bread-winner of a family dies suddenly?

The bills begin to pile up rapidly and before a person realizes it, they’ve missed one, then two payments with no way to bring the account current. What happens when catching up is virtually impossible? Does that make foreclosure inevitable?

Not necessarily. There are other options.

How will you know when to short sale a home? If you’ve experienced an extreme financial hardship or if you or a spouse has lost a job or your financial situation has drastically changed since you signed your mortgage, it may be time.

Recap of when to short sale:

  • When your income no longer supports your mortgage payments.
  • When you’ve missed several payments and can’t afford to bring the account current.
  • When you owe more than the market value of your home, need to sell and have no money to make up difference.

These are just a few scenarios, but the point is to do something before it’s too late. Don’t wait until foreclosure proceedings have begun before you do something about it. Foreclosure is a serious consequence that can have lasting effects on your credit and even your ability to get a job.

Take action right away, contact me if you’d like to know more about the the short sale process.

Disclaimer: This information is provided for information purposes only.  You should always seek independent counsel such as certified public accountant and or real estate attorney pertaining to sale of your home, land and or real property in the matters of state and federal taxes and legal issues.

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