Is A Short Sale A Bad Idea?
My short answer is: Absolutely Not. There is an endless list of factors and circumstances which have caused homeowners to no longer be able to afford their homes. When people find themselves in this situation, they expect and fear foreclosure. They feel helpless and uneasy when they realize they can no longer meet their financial obligations. However, some don’t accept foreclosure as inevitable and begin searching for assistance and other options. The alternatives to foreclosure are the following loss mitigation options: Loan Modification, Short Sale, Deed-In-Lieu of Foreclosure and Foreclosure Settlement.
There are too many misunderstandings and just too much wrong information available to consumers who are searching for assistance. Consumers need to be cautious about the available information. As long as the Short Sale process is properly explained and effectively facilitated, it should never be accepted as a bad thing. It is a viable loss mitigation option for homeowners who need the assistance in dealing with their lenders.
After all available options have been analyzed, and if properly facilitated, a Short Sale should never be considered a bad thing. It is quite the contrary. There is no reason to feel helpless. Successful completion of a Short Sale, wherein a full release and settlement is achieved, should be welcomed and appreciated.
When a homeowner finds themselves in a financial situation where the property is no longer affordable, successfully completing a Short Sale is the beginning of putting the past behind and starting over again. There is no reason to feel helpless.
If you find yourself struggling financially and contemplating whether to pursue a short sale, please call the Dellutri Law Group and speak with an individual who will be able to explain the process and guide you down the path that best suits your circumstances. We have the necessary experience to analyze each individual’s circumstances and ensure you are provided with accurate information to be able to make decisions and start rebuilding your life.
This Blog was written by Annette Giardina Haber, Esquire, of the Dellutri Law Group, P.A. Ms. Haber runs the Firm’s Real Estate Department and concentrates her practice as a real estate transaction attorney. She represents clients through loss mitigation options, drafts contracts, issues title insurance and handles residential and commercial closings.
