Real Estate Purchase Agreement With Seller Financing On A Preforeclosure Short Sales Explained: 6 Major Differences Between a Short Sale and Foreclosure

You are searching about Real Estate Purchase Agreement With Seller Financing On A Preforeclosure, today we will share with you article about Real Estate Purchase Agreement With Seller Financing On A Preforeclosure was compiled and edited by our team from many sources on the internet. Hope this article on the topic Real Estate Purchase Agreement With Seller Financing On A Preforeclosure is useful to you.

Short Sales Explained: 6 Major Differences Between a Short Sale and Foreclosure

A short sale is when the mortgage lender agrees to a settlement with a discounted payment of less than the balance owed on the loan in order to complete the sale of the property and prevent foreclosure. By taking this opportunity, it will help the lender to recover the loan balance and lower the fees compared to the foreclosure process. The homeowner will also maintain a good level of credit. Certain criteria must be met to qualify for a short sale. A financial hardship provision and proof of zero equity in the property must be submitted by the homeowner to the mortgage lender. This is a very complex transaction, so be sure to select an experienced professional who is very knowledgeable in this area.

6 Differences Between a Short Sale and Foreclosure

1. Credit score

A short sale lowers your credit by as much as 50 points for 12 to 18 months. While foreclosure reduces it to at least 250 points for three years or longer. Without the ability to repair your credit after foreclosure, it can affect your ability to gainfully find employment or housing.

2. Credit history

A short sale is reported as paid in full and does not show up on the credit report. A foreclosure will be on your credit history for 10 years or more as a public record.

3. Waiting period to buy another house

If you can prevent your foreclosure, you can get a loan with a reasonable interest rate within two years. With a foreclosure, you can wait 24-72 months.

4. Cost and length of time

A short sale is usually faster and less expensive than a foreclosure and saves you a lot of embarrassment and shame that is associated with foreclosure. Foreclosure puts you at risk of being sued by your lender, prolonging this painful experience. Foreclosures lower the value of your neighbors’ homes.

5. Future loans

With many lenders, a short sale does not need to be declared on a standard loan application, while a foreclosure, therefore, skyrockets your interest rate. Know that you may experience this reminder every time you need a loan for the rest of your life.

6. Sale of Property

A short sale is a consensual agreement between the seller and the lender while a foreclosure is a foreclosure action against the seller by the lender.

Many unfortunate homeowners find themselves in a dilemma due to weak local and nationwide real estate markets or financial hardship. Homeowners are unable to refinance or modify their mortgage loans. Restore your dignity and peace of mind. Enjoy forgiveness, but some banks offer cash or other compensation to homeowners who assist in this short sale process. Real estate firms that specialize in this type of transaction have the experience and solutions needed to overcome your mortgage loan problems and provide you with the debt free lifestyle you desire. Time is of the essence so call the agency right away to get your questions answered. Make the best decision of your life and stop your criminal proceedings.

Video about Real Estate Purchase Agreement With Seller Financing On A Preforeclosure

You can see more content about Real Estate Purchase Agreement With Seller Financing On A Preforeclosure on our youtube channel: Click Here

Question about Real Estate Purchase Agreement With Seller Financing On A Preforeclosure

If you have any questions about Real Estate Purchase Agreement With Seller Financing On A Preforeclosure, please let us know, all your questions or suggestions will help us improve in the following articles!

The article Real Estate Purchase Agreement With Seller Financing On A Preforeclosure was compiled by me and my team from many sources. If you find the article Real Estate Purchase Agreement With Seller Financing On A Preforeclosure helpful to you, please support the team Like or Share!

Rate Articles Real Estate Purchase Agreement With Seller Financing On A Preforeclosure

Rate: 4-5 stars
Ratings: 9168
Views: 51667675

Search keywords Real Estate Purchase Agreement With Seller Financing On A Preforeclosure

Real Estate Purchase Agreement With Seller Financing On A Preforeclosure
way Real Estate Purchase Agreement With Seller Financing On A Preforeclosure
tutorial Real Estate Purchase Agreement With Seller Financing On A Preforeclosure
Real Estate Purchase Agreement With Seller Financing On A Preforeclosure free
#Short #Sales #Explained #Major #Differences #Short #Sale #Foreclosure

Source: https://ezinearticles.com/?Short-Sales-Explained:-6-Major-Differences-Between-a-Short-Sale-and-Foreclosure&id=9746817

Related Posts

default-image-feature

Real Estate How Long After Mutal Acceptance To Get Financing Buy Real Estate in Jamaica – A Guide

You are searching about Real Estate How Long After Mutal Acceptance To Get Financing, today we will share with you article about Real Estate How Long After…

default-image-feature

Real Estate Finance Real Estate Investment And Real Estate Development The Howey Test (Otherwise Known As Why Private Money Investing Involves the SEC)

You are searching about Real Estate Finance Real Estate Investment And Real Estate Development, today we will share with you article about Real Estate Finance Real Estate…

default-image-feature

Real Estate Finance And Investments: Risks And Opportunities Pdf Download Reasons Not to Invest in Real Estate

You are searching about Real Estate Finance And Investments: Risks And Opportunities Pdf Download, today we will share with you article about Real Estate Finance And Investments:…

default-image-feature

Real Estate Finance And Investments Risks And Opportunities Free Pdf Green Rush to Finance Solar

You are searching about Real Estate Finance And Investments Risks And Opportunities Free Pdf, today we will share with you article about Real Estate Finance And Investments…

default-image-feature

Real Estate Finance And Investments Risks And Opportunities Chapter 2 Money Rules – 5 Great Money Rules for Successful Property Investing

You are searching about Real Estate Finance And Investments Risks And Opportunities Chapter 2, today we will share with you article about Real Estate Finance And Investments…

default-image-feature

Real Estate Finance And Investments Risks And Opportunities Chapter 1 Different Investment Opportunities in Property Markets

You are searching about Real Estate Finance And Investments Risks And Opportunities Chapter 1, today we will share with you article about Real Estate Finance And Investments…