A short sale is a last option before foreclosure and should be considered after you have explored the following:
- Loan Forebearance
- Loan Modification
- Bankruptcy
- Deed in Lieu of Foreclosure
Once you know you are going to miss a payment it is important to explore your first asses your situation. Is your situation temporary, long term or permanent. Losing your home is emotional and it is important to stay objective. Involve another party who can help you stay objective and rational, whether it is a friend, a non profit that helps distressed home owners, an attorney or a real estate agent that specializes in short sale(they can help counsel you on your options).
Here is a list of non profit organizations in Massachusetts that help people facing foreclosure. Free Download
When you have assessed your situation, explore the different options to see if they might work for you. In many cases they may not. Use common sense, a bank isn't going to cut your mortgage payments in half just because your having financial difficulty. They will lower payments through rate reductions, or extending the term of the loan.
At the end of the day its important to research your options quickly so you are not calling a short sale specialist two weeks before an auction. Ignoring the problem and crossing your fingers does not make your problems go away. Be proactive and expediant and you will find an option that works for your situation.
_____________________________________________________________________________________________
This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. Kevin is a real estat agent that specializes in short sale in Massachusetts and New Hampshire. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.
Real Estate and Short Sale Serives Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury
