Foreclosure vs. Short Sale


Negatives of Foreclosure

Thousands of homeowners in Louisville, KY can attest to the fact that going through a foreclosure is TOUGH. Not only can it feel like the bank is harassing you for months on end, but also you have NO control. Your future is up in the air and it could be in any day that the bank sets an auction date for your home. Besides putting yourself and your family through hardship, being foreclosed on can result in serious financial consequences. Your credit score will take a huge hit and you might not be allowed to buy a house again for 8 to 10 years.

The wonderful thing is you can avoid foreclosure! Many homeowners do not realize that there are other options.

Benefits of Short Sales

Screen Shot 2015-04-01 at 10.50.38 AMIf you want to sell your home, a short sale is your best bet. If you owe more on your mortgage than your house is worth, that means you are underwater. The right buyer can negotiate with the bank to purchase the house from you; the bank takes a loss, and you are allowed to walk away! Not only does this put you in control of the transaction, but you avoid many of the serious consequences that come with foreclosure. Your credit score will still be impacted, but not as much, and you could qualify to buy another house in as little as two years after the short sale is completed. This is a MUCH more preferable alternative than being foreclosed on. To get more information on how to get this process started, call us now at 502-230-7777.

Want to keep your home? Go here.