Reasons to short sale your home
- Author Ilidio Cardoso
- Published December 21, 2012
- Word count 318
Due to our unstable economy, individuals who were able to religiously pay their loans before in the past are unable to do so now. If we cannot pay our loans, then foreclosure is just around the corner. No party to a loan would like to reach the foreclosure stage. As a result, we keep on searching for alternative options aside from property repossession to satisfy our loan. Short sale of property is one option. This is a kind of financial solution by selling your home for a price less than the balance of your mortgage. Using the profit from such sale, you pay the balance of your loan.
Some people have considered that a short sale is a smart decision in terms of finances. You have to pay your debt no matter what the cost so you will have fewer worries in the future. A short sale may at first seem like disadvantageous on your part as you get a lesser price than the one you originally paid for your home. However, real estate market home values have steadily declined over the years. This means that all property owners are in the same boat. If we have to sell, most probably we have no choice but to opt for a short sale to improve our chances of selling our residential property.
Those who decide to do a short sale of their property were given a tax relief under the Mortgage Debt Relief Act of 2007 which was extended to those made the said transaction in the year 2012 by the Economic Stabilization Act of 2008. You may also qualify for the government’s Home Affordable Foreclosure Alternatives Program or HAFA. You also avoid the stigma of foreclosure and repair your credit faster compared to undergoing property repossession proceedings. Just in case you find yourself in a bind, look at your options and think twice before ruling out short sale of property.
Looking to keep your home and think you are out of option? "There is always more than one option, giving up just happens to seem like the better choice." www.wearenotmoving.com
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Tuozhen: Your Go-To Custom Hoodie Manufacturer
- What can tourists do in the Caribbean?
- The Unseen Impacts of Financial Noncompliance on Business Growth
- Top 10 Reasons to Use Business Central’s License Plating App
- Exploring BCShows: A Comprehensive B2B Industry Platform
- A Luxury African Safari Or A Caribbean Beach Holiday
- What might be able to be done for osteoarthritis in the future?
- App Development: Transforming Ideas into Reality
- Why is the study of history is critical?
- Navigating Europe with Confidence: Logistics Solutions from Barcelona and Cluj-Napoca
- Taking a Well-Deserved Break: An Introduction to London Respite Care
- Discover the Convenience of Chauffeur Services in Kuala Lumpur, Malaysia
- Fall Holiday Fashion Trends: The Kaftan and Kimono Dress Revival
- Vintage Bohemian Charm: Creating a Home Office Retreat
- Embrace the Maximalist Decor : Unleash Your Boldest Dreams
- The Impact of 3D Animation in Business: Enhancing Visual Communication and Marketing Strategies
- Check Out These 6 Tips For A Great Day Hike!
- Steady Slope Marketing: Launching Your Small Business with Google My Business and Digital Marketing
- Steady Slope Marketing: Boost Your Business with Targeted Facebook Ads
- Steady Slope Marketing: Building Strong Brands for Lasting Success
- Steady Slope Marketing: Maximizing Growth with Google Ads
- Steady Slope Marketing: Building Custom Websites that Drive Growth
- Steady Slope Marketing: Unlocking Growth with Google Local Service Ads
- Steady Slope Marketing: Scaling Your Business for Long-Term Growth
- Steady Slope Marketing: Setting Up Small Businesses for Success in the Digital Age
- Steady Slope Marketing: Elevating Local Search Authority for Small Businesses
- Send Money to India from the UK: Secure Transfers and Remittance Online
- The Power Of Happy Hour: How Bars and Restaurants Can Leverage Promotions To Drive Drink Sales
- Legal And Ethical Considerations When Attempting To Find Vehicle Owners
- The Science Of Music And Exercise: How The Right Playlist Can Boost Your Performance