A Passion For Excellence

Avoid Foreclosure: Make a Short Sale Instead!

In Danger of Losing Your Home ?

Facing foreclosure? There is a better option. Instead, opt for a short sale. Gitta Urbainczyk is a CPDE (Certified Property Default Expert) and Gitta Sells has successfully completed over 100 short sales. The key is to strike while the iron is hot and not miss your opportunity. Some people wait too long, thinking the issue will resolve itself and end up in a foreclosure that could have been avoided. Here’s what you need to know about a short sale: 

  • A short sale will not appear on your credit as a foreclosure. Late payments due to a foreclosure will hit your credit pretty hard. 
  • When you get approved for a short sale, all of your home-related debts are settled. 
  • There is no cost to the owner making a short sale; the mortgage company pays all costs. 
  • A deed in lieu is an administrative foreclosure. It will up on your credit as a foreclosure. 
  • A short sale can take up to 5 months or more; the earlier you start, the better it is. 
  • We have had instances during the 2008-2012 time frame where mortgage companies gave the owners money to help with moving costs to move out of their homes. 
  • A short sale is an orderly process during a very chaotic time. We do all the work for you, your bank will talk to your negotiator or us. 
  • The home has to be listed for sale, and the bank will normally stop the foreclosure process. I normally say because you cannot list your home at an outrageous price to trick the bank inot stopping the foreclosure process, when in fact, you just try to stall the foreclosure process and lengthen the process to stay in your home. 
  • Your mortgage company will approve the final selling price, and the actions might go back and forth between the mortgage company and the buyer. 

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