Gardena Short Sale

Having lived in Gardena for the last 12 years I have sold many properties in and around Gardena.  In order for the real estate market to fully recover many of the homeowners who have loans on there homes over $400,000 are going to have some tough choices to make.

• You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years.
• You can save your money during the process and not worry about being foreclosed on.
• Get rid of all of your negative equity and start fresh.
• If your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you will be eligible to buy another home immediately.
• It will usually stop all collection calls.

Most of all it relieves the stress of being in foreclosure and being harassed by the mortgage lender; and it allows your to get rid of your big mortgage payment and move on with your life. A short sale allows you to stop the foreclosure and get a fresh start. This is the primary benefit to you.

A short sale also prevents additional damage to your credit.

Having some late payments and a foreclosure filed has already done damage to your credit. However, a completed foreclosure will do much more damage and lower your credit score tremendously. A short sale results in the mortgage actually being paid off, which reflects positively compared to a foreclosure. Also, it is important to note that the short sale does not cost you any money. You can remove this burden for free.

Will a short sale “save my credit”?

The short answer is yes and no, a short sale can save you from the worst credit disasters. By defaulting on mortgage payments and or having a foreclosure filed against your property, you have already done damage to your credit. Your credit score has declined and those negatives will stay on your credit report for some time. However, it will get much worse if you allow the foreclosure to continue and do not try to sell the property. Once a property is sold at auction, your credit score is further reduced and when the foreclosure is completed via eviction and repossession of the home, your credit will be even further damaged. If you can complete the short sale BEFORE either of these takes place, then you can prevent that further damage to your credit. In addition, when the sale is completed, it shows up on your credit as a “Paid” mortgage and a canceled foreclosure, which shows future creditors that you did take care of your obligations. A short sale can help avoid this, but the key is not to wait. Get started today by contacting me to help sell your home.