Short Sales And Foreclosure

Faced with the threat of foreclosure, many homeowners decide to short sell their home in order to avoid that lengthy and costly process and the blackmark on your credit record. A short sale is where the property is sold to a 3rd party for less than the homeowner owes on the home. This type of sale is usually conducted with coordination between bank, real estate agent and attorney.

There are pros and cons to doing a short sale, not the least of which is that you are left without a home to live in. This seems like a minor setback to some, but with your credit lowered from a short sale or foreclosure, the prospects for renting or buying are severely diminished. A far better option for many homeowners may to do a bankruptcy that is structured so the homeowner stays in their home, but is relieved of all their credit card and other debt. This often allows the homeowner to resume timely payments on their mortgage, and is a win win.

Bankruptcy may not be an option for everyone, and staying in a home that is badly underwater may not be the best option for you. The Sampair Group has over 30 years of experience helping families in the valley to restructure their debt and avoid calamity. Contact us today for a free consultation, and help decide which course of action is of maximum benefit to you.