COLONIALTOWN REALTY
529 N Fern Creek Ave.
Orlando, FL 32803
Short Sale vs Foreclosure
Hello, my name is Valerie Kennedy and I am the broker/owner of Colonialtown Realty. I have been diligently working with buyers and sellers in this area since 1988. Through the years I have experienced buyers markets and sellers markets but the declining market we are presently in creates a whole new set of challenges. With a weaker economy it is harder to sell, so homeowners do not feel the mobility of the past and often there is no equity so refinancing is not an option. So many people are suffering from the declining market and loss of income or reduced income they are not sure where to turn.
The government is coming out with buyer incentives and programs to assist home owners and it is important that you are up to date on all of the assistance that is available.
There are several programs including the Home Affordable Modification Program (HAMP) and the Home Affordable Foreclosure Alternatives (HAFA) for which you may be eligible.
If you are behind on your home loan and you have explored all of the above mentioned programs there are other avenues to consider. If you feel you cannot manage your payments and want to get out from underneath the debt in your home mortgage, deed in lieu or short sale may be an option for you.
There are several reasons you should consider short sale rather that waiting for the lender to foreclose.
- You have control over the process and
your lender will work with you to sell your home which will in turn be less
damaging to your credit than foreclosure.
- You can stay in your home until the
property closes. If your goal is to save money while waiting for this
closing, short sale can prolong the foreclosure process.
- It costs you nothing to do a short
sale on your property. The Lender
pays for doc stamps, owner’s title policy, and real estate commission.
- In the end when your home sells under
a short sale contract you can negotiate with the bank in an effort to
avoid a deficiency judgment. If you
let the home go in foreclosure you have no control over negotiating
anything.
If you would like a free consultation so that you may weigh your options I will be happy to meet with you. I can share ideas with you about loan modification, selling your home, the short sale process and generating income on your home through property management. I look forward to speaking with you.
Valerie Kennedy
Owner/Broker
Colonialtown Realty
(407) 896-7300
