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Short Sales in San Benito County: Work with a Realtor You Can Trust…
 

If you are a struggling homeowner who is behind on their mortgage payments or “underwater” on your mortgage—owing more on your loan that what your home is actually worth—you may want to consider the possibility of a short sale. A short sale is an agreement between you and your lender to sell your home at its fair market value, even if that amount is less than what you owe on your mortgage. The basic steps of a short sale are as follows: 

You sell your home for less than what you owe on your loan 

• Your lender accepts that amount as payment on your loan
• You avoid foreclosure but do not receive any funds from the sale
• Your lender does not report a foreclosure to the credit bureaus 

When you are facing difficult possibilities like foreclosure and bankruptcy, short sale may be your best chance to sell your home and get a fresh start. Preserve your credit standing, help you sell your home without you having to pay anything out-of-pocket, possibly be eligible to buy another home much sooner than if you have a foreclosure on your record, release you from your mortgage obligation, relieve financial and emotional stress, avoid foreclosure and/or bankruptcy. Short sales are a very popular way to avoid a foreclosure due to a job relocation, unemployment, divorce, medical bills, and adjustable rate mortgages (ARMs) that have reset to a much higher monthly payment.