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Short Sale Versus Foreclosure -San Jose Real Estate

by Bobby Snow

Are You Behind On Payments or perhaps Owe Greater Than Your Property Is Worth? This post Short Sale vs Foreclosure will help you rest better at night.

If you're like many homeowners, you never planned on missing a mortgage payment. It just happens. You miss one payment, and then another, and one more. Before long, you owe a lot of money and have no means to pay the large amounts that are overdue

There are several ways to prevent foreclosure.

Or, you might still be making your repayments however you have an "upside down" or "underwater" mortgage (also called negative equity), all terms to describe when you owe greater than the current market value of your home. You are not alone - several homeowners have negative equity due to the condition of the housing crisis which has caused most san jose real estate prices to drop year after year.

If you're behind on payments or owe greater than your home is worth, lenders (bank who owns your home loan) are willing to give you practical alternatives in order to prevent foreclosure..

This is only a brief sample of the numerous options to short sale vs foreclosure addressed in this report. The recommendations and procedures for every option change rapidly to deal with the volume and needs for each bank and in every state.

OPTION 1: Foreclosure

If you do nothing, you will probably face foreclosure from your lender (bank who owns the home loan). If you can not make your payments and don't look for help, the lender has got the right to foreclose on the property and auction it to recover its investment from the proceeds of the sale.

OPTION 2: short sale vs foreclosure

A short sale involves selling your house for less than you owe on the loan. That is why it is known as selling short sale.

However, if it is possible to get acceptance from the lender to sell your san jose real estate for less than the amount owed, you will avoid foreclosure and the associated effects.

A short sale versus Foreclosure is often not granted by the lender unless you have a valid difficulty and no assets. But if you qualify, banks would instead do a short sale since it lowers legal charges and they end up netting more money when the home is sold.

A short sale versus Foreclosure does have its own difficulties which you will need to understand before undergoing the procedure, and a your credit will still be affected from either scenario. But a short sale has much less implications than a foreclosure. For example, with a foreclosure it could be a minimum of five years before you are able to qualify to buy another home; however, with a short sale you are able to qualify in 2 to 3 years.

Here is the really bad news - if your san jose real estate can't be sold for the full amount of your debts, a "deficiency judgment" could be issued against you for the unpaid balance of the loan. A foreclosure as well as deficiency judgment can significantly affect your credit and the ability to qualify for a loan for several years in the future. In certain cases it can also prevent you from getting a job.

In case you are facing a hardship and feeling like foreclosure is the only thing you can do, now is NOT the time to panic. Instead it's time to explore more alternatives and make the best decision. Doing nothing or making a poor decision may be damaging for a long time. A foreclosure costs thousands more than only the loss of your house, so it's important you continue to investigate your choices and talk to a professional who knows the precise answers to your questions.



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New Unique Article!

Title: Short Sale Versus Foreclosure -San Jose Real Estate
Author: Bobby Snow
Email: paul@paulconti.com
Keywords: short sale san jose,san jose short sales,Short sale VS Fourcloser,san jose real estate
Word Count: 629
Category: Marketing
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