Unfortunately, foreclosure becomes a reality for thousands of Americans each year who fall behind on their mortgage payments. Foreclosure places families in a financial hardship and can cause undue emotional stress. However, there are options available for people who have fallen behind on their mortgage payments. One option for those facing foreclosure of their Winchester, VA property is a short sale of the home. This option will allow you to sell your property regardless of how much is still owed on the home.
A Fresh Start
For those who need an option to avoid foreclosure, a short sale of your Winchester, VA home can give you the fresh start you need. A short sale specialist can help you through the process of putting your home on the market, completing the sale, and making the final payment to the mortgage company. Once you put these financial worries behind you, the future will look much brighter.
To Buy Another Home
If you intend to buy another home once you have sold your property, there is an advantage to short sales over foreclosures. Fannie Mae regulations state that homeowners who complete a short sale of their home are eligible within two years to buy another home. With foreclosure, you might have to wait much longer, up to five years. If you are not more than 60 days behind on your mortgage payments, there is a possibility that you could be immediately eligible to buy another home once the short sale is complete.
Stop Making Mortgage Payments
If you are having financial hardships and are unable to continue to make your mortgage payments, you may want to consider a short sale of your home. During the short sale process, you will not be required to make any additional mortgage payments. Often, you are allowed to stay in the home until the short sale process is complete. This will give you the time you need to find another place to live.
To Quickly Find a Buyer
When you put your Winchester, VA home on the short sales market, the home will most likely sell for less than market value. This will enable you to find a buyer more quickly than if you sold your home in the traditional way. You want to complete the short sale as quickly as possible so you can begin to get back on your feet financially and find another place to live. If you are considering a short sale of your property, schedule a consultation today with a short sale specialist to review all the details.
Short Sales Winchester VA – For more information about the advantages of short sales for your Winchester, VA property or to search your local area for foreclosures and short sales, contact broker Andy Waldo at (540) 542-0088. Here you will find everything you need to buy or sell a home in Virginia or West Virginia.