SHORT SALE Benefits:
Benefits | Notes |
No foreclosure on your credit record | However, Short Sale does have some affect on your Credit (80-100 points hit). Compared to Foreclosure and Deed in lieu of foreclosure will bring a 250-280 point hit. |
Possibly lower tax liability | You must be in a hardship. We do suggest that you Consult A tax advisor or an Attorney on the impact of a short sale. |
No deficiency judgment | In California, Purchase Money Loans are NOT subject to Deficiency judgments; however, hard money loans, home Equity loans and refinances are. |
No Eviction | In a Short Sale you get to stay in your home until the close Of escrow. But you must get approval from the bank for An extension of the Trustee sale date until there is a Short Sale approval. |
No Cost to you! | No out of pocket money is usually expected from you in a Short Sale. The Lender is responsible for all cost and Expense of a Short Sale. |
HUD has a list of approved non profit organizations servicing your residential area: 800-569-4287
For your information from: the Mother and Daughter Realty Team @ Perfect Financial Solutions - 866-750-8282
Once again more good solid informaiton.
Now Have a Blessed Day,
John Occhi, Hemet REALTOR®
Mission Grove Realty