How to Deal with a Short Sale
Are you facing the possibility of a short sale? Many times events out of our control can make what was once a relatively simple matter of making mortgage payments can quickly become a heavy burden in the face of a disaster in your life. So what can you do?
The most important thing is don’t just ignore it and hope the problem corrects itself. They rarely, almost never, do. So what is the best course of action? One which is commonly overlooked is to call the bank which holds your mortgage. Because short sales are such a headache not only for you but for the bank as well. It’s in their advantage to help you to avoid a short sale.
It’s also important to never just walk away from your home. It destroys your credit to the point it may take many years to recover from it. As a matter of fact a foreclosure will remain on your credit for 7 years.