Foreclosure vs Short Sale
If you have had trouble making your mortgage payments, you may be faced with some unpleasant alternatives. Your bank may decide to foreclose upon your home or conduct a short sale in order to recover the money that you owe them. If this occurs, you will not only lose your home but also sustain serious long-term damage to your credit rating.
What Are Foreclosures and Short Sales?
During the foreclosure process, your lender will take over
the ownership of your property and then evict you. The property will then
usually be sold at an auction or by real estate agents. Going through this
process will put a serious dent in your credit score.
A short sale is sometimes conducted as an alternative to foreclosure. This is
because it reduces any additional fees and costs for both you and your lender.
The hit that you will take to your credit score will usually be much less than
if you went through the full foreclosure process. However, there is a great
deal more paperwork that will need to be filled out.
How Can Fairless Hills PA Real Estate Lawyers Help You?
These are not alternatives that you want to face on your own. A firm of experienced real estate lawyers can examine your options and help you choose the best route to take in order to keep your home.
Contact the Olen Law Office for More Information
Olen Law Office is the leading firm of Fairless Hills PA real estate lawyers. If you need more info about your options regarding how to avoid a foreclosure or short sale, call us today. We will do all in our power to help you keep your home and preserve your credit rating. Get in touch with us today to learn more about what we can do to help you.