Coral Springs FL was hit extremely hard during the recession and the years that followed. Many homeowners that lost their homes due to the Foreclosure Process found themselves unable to purchase a property for several years after because they could not obtain a mortgage from the Bank. Homeowners that were in Foreclosure were encouraged by the Banks and Home Saving Companies to try and keep their property through Loan modification programs. Unable to qualify, many homeowners ultimately lost their properties to the Banks.
Although the recession occurred over ten years ago, the people that lost their homes to Foreclosure during the housing crisis are now having a having time attempting to obtain a mortgage as their credit history shows that they had previously lost their home. Mortgage Lenders have increasingly tightened their lending requirements wherein they will not extend credit to homeowners that have a negative credit history or have lost their home to foreclosure. There is a positive side that many homeowners in foreclosure are not using to their advantage: Selling their property through a short sale.
The Short Sale process can be lengthy but if homeowners act quickly, they can sell their property to a buyer for a reduced amount and if the Bank accepts the offer, the Banks will usually waive the shortage that they are owed. What does this mean for the homeowner? Selling their property through a short sale will allow the Homeowner to recover at a quicker pace avoiding the negative effects of a Foreclosure. Secondly, selling your property through a short sale will be less drastic for your credit. A homeowner’s credit report will not show a foreclosure on their credit but rather it will say “settled” or “short sale.” Finally, if a Homeowner chooses to forego the Short Sale process and spend several years and money on attempting to obtain a loan modification, a homeowner will lose the opportunity to use those funds for other ventures or to actually save for retirement. Therefore, if you are a homeowner in Foreclosure that is unsure about the short sale process, contact 954 Foreclosure Attorneys, PLLC at 954.237.7740 today.