Many homeowners who are facing foreclosure suffer in fear of losing their home without realizing that there are other available options. These options include short selling the home; this alternative is there to end the constant battle of trying to make your payments on time. Short sale is at the top of the most successful alternatives, and is a permanent solution to the problem. A Wilmington, NC short sale will begin when the borrower decides to sell their home, with the lender allowing the home to be sold for much less than is owed. This is acceptable because of the home’s value in the current market is much less than when originally purchased.
To have this option be something you can qualify for, you must owe more than what the home is worth. Short sales are unavailable to those who would like to have them for personal gain; they are only available to the borrower who is in need of this alternative to avoid foreclosure. You must prove to the lender that your expenses verse income leave you a difference that will not sustain the current payments owed. In doing so you must show documents to back up your claims and of them an explanation of the event or “hardship” that set you behind, these documents make up a short sale package. Acceptable hardships include decreased or lack of income, divorce, medical costs, property damage, and others.
Wilmington, NC Short Sale Facts:
No money is required in any part of this process. All short sales are 100% free to the homeowner. Closing costs and Wilmington, NC short sale Realtor fees are all taken care of by the lender.
The whole short sale process averages out to be about six months start to finish. This all depends on factors of each home individually.
It is common for the balance to be forgiven though not a guarantee. Having good communication with your lender will make this more available to your knowledge and with a Memphis short sale specialist it should not be hard to get that result.
Short sales are of less an impact to your credit score than foreclosure. What hurts the score more than anything is the missed mortgage payment. It is vital to preserving some of your score by starting a short sale as soon as possible so no more payments need to be missed. This will make your credit score easier to rebuild.
If you would like to stop your Wilmington, NC foreclosure now, hurry and call a Wilmington, NC short sale specialist now. What are you waiting for? 910-619-9559