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Short Sale Or Abandon House?
At times distressed homeowners and borrowers find themselves in tough financial positions regarding their real estate asset(s). Many times we are contacted and during discussion, it is mentioned they feel or are going to be simply walking away from the property they owe money on to simply let it get foreclosed on; They feel this is a better or simpler action step than doing the paperwork needed for a short sale. In my opinion, a short sale is always better than a foreclosure and abandoning a property.
When you stop paying your mortgage and abandon the property, a borrowers liabilities may skyrocket. Here are a few examples of how this may be true:
- Abandoning a property completely will result in many months or even years of unpaid mortgage payments and ultimately a foreclosure. This is an exponential impact to credit negatively and will delay credit repair efforts substantially.
- The mortgage balance will continue to increase until the property is foreclosed on. This means the deficiency may be larger and may result in a larger deficiency judgment or tax liabilities.
- If someone hurts themselves in your abandon property and litigates, the owner may have liabilities.
A short sale is a took used to reduce such liabilities and to stop the financial bleeding sooner than later.
If you need to speak to a profession about questions or want short sale help, please fill out the form below or call 1-800-692-9960 and a specialist will be in touch with you shortly.