What is a Myrtle Beach Short Sale?
The word “foreclosure” is not a very pretty word. In fact, it causes families to lose their homes, credit scores to go down-hill and often fight long term financial battles. A Myrtle Beach Short Sale is the solution to the problem, and will stop a Myrtle Beach foreclosure before the full process is completed. Myrtle Beach Short Sales are more popular now and a way of getting out of an upside down mortgage.
We have all heard about foreclosures from family, friends and in the news. But what is foreclosure? Foreclosure is when one cannot afford to pay for the monthly mortgage payments. As a result, your credit score can be trashed. A foreclosure can lead to banks declining a request for a loan and you may not be able to borrow money for years. Every time you apply for a loan, you will need to fill out the application that will ask you questions about your financial life. One of these questions includes, “Have you even had a property foreclosed upon or given a deed-in-lieu thereof in the past 7 years?” If your answer is yes, the loan will most likely be denied. You can not lie because the FBI may get involved and you may be subject to investigation for mortgage fraud. Your likeliness to get a job may decrease as well if an employer has to run a credit check on you.
Many people are mislead by thinking that once they give their home title or keys back to the bank, that all their problems will disappear. This is not true at all. This is when your problems start. Once the bank repossesses your home, they may continue to badger you, and attach a deficiency judgment against you personally. They may be unhappy with the loss of money or the amount of money they did not receive in the foreclosure. They may continue to pester you with collection calls asking you for payments on your old property even though it was foreclosed. That is the reason to short sale your property. A short sale is a negotiated paid. A short sale stops foreclosure and deficiency judgments.
Do not let this happen to you. Stop foreclosure before it happens. Call The Jerry Pinkas Short Sale Team today. We are the solution!
Even if you are not in a foreclosure situation, it is best to be educated on how to handle it if a foreclosure should arise. Foreclosures are deadly because no one can see them coming. No one can be 100% percent they are safe from a foreclosure. Many things can lead to foreclosures: serious illness, a major accident, death in the family, divorce, or job loss. Foreclosures can lead to depression, unpaid bills, collection calls or even lawsuits. It is a good idea to know the alternatives to a foreclosure. In almost all cases, a short sale is better than a foreclosure.
When a foreclosure takes place, the lender takes the house back and the bank may want you to vacate the property immediately and may continue with eviction proceedings. You will need someone to help you. The bank will not do it because they are only concerned with their personal interests; the bank just wants your money. It is best to avoid a foreclosure at all costs. With all things considered, you need to look at other options besides a foreclosure. If it is not too late, you may be able to get a short sale instead. Short sales have fewer side effects and will not hurt you as much as a foreclosure.
What is a short sale? A short sale can be the solution to making all parties happy so everybody wins. The lender will get the highest price for a quick sale at the current market price. The borrower will get out of a mortgage on a property that is upside down in value. A Short sale occurs when a borrower sells their property for a sales price less than the amount owed to their lender after all sales expenses. The lender must accept the offer which is most likely less then what the price originally was. In a short sale, the home owners will be completely relieved of all of their mortgage debt. When the property is sold, the mortgage is paid off and the sellers avoid foreclosure and bankruptcy.
What will a short sale look like on your credit report? A short sale will show up as a “short sale” or negotiated paid on your credit report. Whereas a foreclosure will show up as mark on your credit for 7 years or more. A short sale may show up on your credit report as “pay as agreed” or “paid as less then agreed”. This will look better then a foreclosure which can basically deny you from credit for 7 years or more.
Can you still apply for a loan after a short sale? You can still apply for a loan after a short sale. The loan application will not ask any questions about a short sale whereas there will be questions about a foreclosure. This means that a loan application will most likely go through if a short sale took place instead of a foreclosure. A short sale transfers to a loan application as your home being sold.
How long do I have to move after a short sale? The wait for a short sale to go through may be 3 months or longer, which means that you have plenty of time to look at other locations and new homes before you move.
The best tip about foreclosures and short sales is to get a short sale specialist to represent you. Do not attempt to do a short sale on your own. It’s a matter of having the paperwork correctly prepared so the process can happen. It’s about what you should say to your lender, and what you should not to say to your lender (bank). You should have someone working for your best interest. You want the short sale specialist with short sale experience, knowledge, and negotiating skills to work for you. You don’t want an “average” real estate agent working for you. You need someone way above average. Someone you can rely and depend on to make the all the phone calls to the bank, and to handle all the messy paperwork correctly. You need someone with proven short sale experience. The best thing you can do if you are in a possible foreclosure position, is to call Myrtle Beach Short Sale Team - The Jerry Pinkas Team at: (843) 222-1926.
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CALL NOW - Myrtle Beach Short Sale Team – 843-222-1926
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