Is it Better to Short Sell Your Home Or Just Let it Go Into Foreclosure?

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This is the question that every homeowner facing foreclosure requests at some point during the process. It takes a little effort to complete a short sale package. It seems like it took less work to get the original mortgage. So why bother trying to sell your home when it's easier to let the bank just take it? There are several reasons that millions of Americans all over the country choose to short sell their homes rather than face foreclosure.

# 1 It Stops the Process

The short sales process almost always puts the foreclosure process on hold. Once you notify your lender of your intention to try to sell your home they will halt the foreclosure proceedings to give you the time you need to market your home. You can rest a little easier knowing you've got time.

# 2 It Gets Resolved Quicker

Short selling your home gets you back on your financial feet much sooner. From the time you decide to short sell your home to the time it sells could be as little as 3-6 months. This is much faster than the foreclosure process which could take much, much longer. The sooner you get the short sale past you the sooner you can start rebuilding your credit and get on with your life.

# 3 It's Less Damaging To Your Credit Rating

Short selling your home is less harmful to your credit than foreclosure. According to professional estimates a short sale item on your credit report will reduce your credit rating by as little as 60 points. Of course, the better your credit before the short sale more your credit will be affected. But no matter what, your credit will be much more adversely affected by a foreclosure mark on your credit than a short sale.

# 4 It's More Financially Responsible

If you go into foreclosure you will be issued a deficiency judgment by your lender which will attach to your credit records and will prevent you from buying other property until it's paid off. If you short sell your home it is much less likely that you will receive a deficiency judgment. But, if they do issue one, it will be much less than it would have been if you went into foreclosure.

# 5 It's Not That Hard

With free help and tools available on the web you will realize that the process is actually quite easy and simple. You fill out a couple of forms and provide some information and the process moves on from there. In no time you'll find a buyer and the bank will accept the offer. You'll close the transaction and be on to rebuilding your credit and financial future.

# 6 The Federal Government will give you $ 1,500 at closing.

The Federal Government has enabled a new program called HAFA. If you qualify you will receive $ 1,500 to go towards your expenses at closing when you short sale your home. The government has really streamed the short sale process and now most homeowners will receive $ 1,500 at closing. If you let the bank take your home you get nothing.

The short sale process requires a little bit of time and effort but the benefits are definitely worth it.

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Source by Gary Bodley

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