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A Bank Short Sale - My Only Option?

A Bank Short Sale - My Only Option?


    

A Bank Short Sale - My Only Option?

by Anthony Mauwer

A bank short sale is not the only choice we have to avoid foreclosure - but it is definitely better than some of the other possibilities. If a homeowner is already in this position, they are already dealing with intense financial anxiety from every angle. If approved for a bank short sale, much of this stress will be alleviated because they'll be in a great position to purchase another home.

It is extremely difficult for us as homeowners to accept the fact that our home may be lost, but if it's going to happen, avoiding foreclosure is the highest priority. It's important for us to understand clearly that a short sale is not the"only" way out, but it may be the "best" way out. If we foreclose, the lender can sue us, garnish our wages, put a lien on other property, and hound us for years. All this in addition to the destruction of our credit rating. With a bank short sale - if handled correctly, we're making an agreement with our lenders up front to settle most of these issues now.

Either way, for the layman, a bank short sale or foreclosure can be quite stressful due to all of the complexities involved. There are attorneys, lenders, accountants, complex forms, legal jargon, and the internal revenue service to deal with. On top of that the money is tight on every side. We've got to remember in this situation that all parties involved are trying to get as much of their money as they can - so we've got to be prepared for anything. Banks are well-known for dropping surprise requests at the last second. Don't allow yourself to be pushed around!

We can avoid these last second surprises by having expert advice from the beginning. Do not try to complete a bank short sale without expert advice. You'll experience many aspects of law relating to your property taxes, your loan, and your property. You'll need an expert in "each" of these disciplines. If you look you'll be able to find local services that offer the expert help of lawyers, CPA's, and real estate agents - who'll be reimbursed by the lenders. There are good ones and bad ones out there - so be careful.

A bank is losing money with a short sale and are not necessarily enthusiastic about doing them. They avoid a foreclosure - yes, but their attitude is not to be considered enthusiastic. They can be difficult to deal with at times because they're trying to get back as much money as they can. For this reason they might not always move as fast as we want - although we know they can. Patience is a valued virtue here - so practice it and keep cool. If you've ever had to work with the government you know exactly what dealing with these banks will be like.

The entire short sale process is strenuous and all parties may not agree on every issue - but if we can tough it out, we'll be the winners in the end. We'll be successful if we avoid foreclosure and bankruptcy, get our debt forgiven, and come out without any unpaid property taxes. This is why a bank short sale is such a sweet deal. It won't be perfect, but at least we'll be in a position to buy another home. Completing a short sale puts us in the best position for the future. No, a bank short sale may not be the only way out, but it is one of the better options!

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