How will a short sale affect my credit?
While there is no exact calculation to use when trying to determine how a short sale will affect your credit, it is logical to think that a short sale will affect your credit less than a foreclosure. There are many factors that determine your score and they are important to remember in any situation. Late payments, balance to available credit, quantity of credit lines, etc will all play a part in your score.
There is life after credit challenges and if you know up front what your options and solutions are the decisions become easier. I can put you in touch with a professional that will help you with your strategy for recovery and preserving your credit the best you can during these difficult times.
I am current on my mortgage, will my lender consider a short sale?
The answer is maybe. It depends on your unique situation and the banks policy regarding short sales. The best way to determine whether your mortgage company will accept a short sale while you are current is to prepare and submit your short sale package to the lender. I can help you with this and of course there is no up-front fee. Call me and we can talk more about the details.
I have two loans, can I still do a short sale?
The answer is yes, I will work with both/all of your lenders through the approval process. While there is no guarantee, in most situations the lenders will cooperate and come to an agreement.
If my lender forecloses will I be responsible for the deficiency?
It is imperative that you seek legal advise whether you are considering a short sale, loan modification or are facing a foreclosure. While Arizona has anti-deficiency laws to protect homeowners, the protection does not apply to everyone. In some cases the bank can pursue you for the deficiency. Don't bury your head in the sand and assume that a foreclosure will wipe the slate clean. I can put you in touch with someone who can advise you on your situation.
What if I already have a foreclosure date scheduled?
Can I still short sale my house? In most cases, yes. Call me right away so that we can evaluate your situation and hopefully save you from foreclosure. In many cases the sale date can be postponed and a short sale can be successful.