When the real estate market crashed, many people were left owing a lot more on their house than it was actually worth. Some also lost their jobs. It didn’t matter what income bracket they were in, the crash affected upper, middle and lower income families alike.
In other words, you’re not alone. So, there’s really no reason at all to feel embarrassed about doing a short sale. And, there is nothing dishonest about it, as some people feel; a short sale is merely a tool to help you take control of your financial situation, rather than letting your house go to foreclosure, which often has a more damaging effect on your credit rating.
How will people react if I Short Sale my house?
Friends and neighbors are no longer so quick to judge those who have “short sale” or “foreclosure” signs on their front lawns. Everyone appreciates that times are tough and we’ve all become more sympathetic to those who are struggling financially.
It’s distressing for people who have always had good financial habits to suddenly find they are unable to keep their mortgage payments up-to-date. If you find yourself in a precarious financial situation due to the housing crash, doing a short sale may be the answer. No one wants to be burdened with a huge debt that is difficult to keep up the payments on.
What will my lender do if I need a short sale?
While some lenders are approachable, allowing homeowners to re-finance or negotiate new terms that will allow them to make regular payments again, other lenders aren’t so flexible, leaving you with only three choices;
- pay up on the spot,
- face foreclosure or
- do a short sale.
If the latter is what you’re faced with, a short sale will help you to keep your dignity while you sell your home and make a fresh start.
Who can I turn to for help?
An Orlando real estate agent who is experienced in short sales, like those here at Orlando Realty Consultants, will help to make the short sale process as smooth and painless as possible. We are trained and knowledgeable about all aspects of a short sale and can answer any questions you may have about selling your home in this way. There is no need to feel embarrassed about calling us as we work with folks every day who are going through the short sales process.
Call us at 407-902-7750 to discuss your options, we are certain we can help.
