Avoid Foreclosure-Short Sale vs. Foreclosure-Redding CA
It is important to understand the differences between completing a short sale vs. allowing the bank to take your home by means of a foreclosure sale.
What happens after a Foreclosure.
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The credit score can drop hundreds of points.
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The bank could send out a 1099 to you and notify the IRS, and they may choose to pursue a deficiency judgment against you for the difference between what you sold your home for and what you owed against it.
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You may have a very hard time securing a rental property, as a foreclosure will look much worse in the eyes of a landlord than a short sale, especially if your lender has to evict you.
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A foreclosure can be very traumatic and stressful, and once the foreclosure sale happens, you could have to leave in as little as 72 hours if an investor purchases the property at the court house steps.
Effects of a Short Sale.
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If the homeowner qualifies for HAFA short sale the will receive $3,000.00 for relocation expenses.
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The homeowner has more control over the move out date.
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You can purchase another home again in as little as 2 years time.
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The short sale real estate agent can negotiate all prior debt to be forgiven, with you having no further financial obligation.
Avoiding Foreclosure. Often times, the quickest and simplest way to avoid the bank foreclosing upon your property is to have a short sale performed by a short sale realtor who will work with your bank and a new home buyer at successfully closing the real estate short sale transaction.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
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Avoid Foreclosure-Short Sale vs. Foreclosure-Redding CA
