A Short Sale is Better Than a Foreclosure - Sammy Makes Six

A Short Sale is Better Than a Foreclosure

The economy of the recent years has brought with it many problems, for a lot of people including myself it meant selling or losing our home. The company I worked for had begun to lose customers and sales and only two years after buying our house, I lost my very good paying job. It was then that the burden of a mortgage, high utility bills, taxes and so many other expenses that come with owning a home became too much for me to handle. It was time to make some very serious decisions, either let the lenders take the home or see a short sale attorney to help me decide whether to sell the home as quickly as possible and at least not have a foreclosure on my record for 10 years. 

Now a short sale in my experience was a very laborious experience that I would love never to have to go through again, but if I had done it alone it would probably gone even worse than it did.  So wherever you are, whether you need to do a short sale in Las Vegas or anywhere else, you should get some advice from an attorney. They will look closely at your situation and advice you whether you should go ahead with a short sale or maybe even a bankruptcy. Selling your home for less than what you owe is never an easy decision, so you should have as much information available to you before your take that very hard step forward.

I am participating in a blogger campaign by Bucks2Blog and was compensated. However, the views and opinions are my own.


RealtorSD said...

I couldn't agree more. Sometimes people don't realize how important their credit is - even if they don't want to buy a home again anytime soon. Good credit is important for getting a rental, a car...even some jobs. And though short sales will affect your credit the resulting hit is generally a lot more favorable than a foreclosure.

I work with a team of real estate attorneys in San Diego, CA and we do a lot of short sales, if and only if it is the desire of the client and if they decide based on a variety of options, that that is the best option for them. I'm glad yours worked out well and thanks for sharing. More people need to realize that it's okay...that no one had a crystal ball to predict future job losses and real estate values and it's okay to address the problem rather than waiting.

Thanks again for the post!
sarah at realtorsd.com

MikiHope said...

The way this country is still going you are very lucky you did that short sale when you did!! The housing market is not coming back anytime soon--for some reason or another-unfathomable to me--no one seems to realize that without jobs and good paying jobs people can not afford houses!! Jobs, good jobs are
still hard to find and getting harder every day---


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