Regardless of what some may say, falling behind on the mortgage can happen to anyone. Suffering an injury on the job can lead to reduced income, and paying medical bills can completely obliterate your bank account. When all efforts have failed and default is imminent, you should consider ways to stop foreclosure Pittsburgh. In many cases, opting for a short sale is your best alternative to being forcibly removed from the residence.
A short sale occurs when a homeowner barters their property for less than what they owe in mortgage payments. The idea is to repay as much of the outstanding loan as possible and avoid the negative mark of foreclosure.
A foreclosure is official when the bank takes possession of the property and places it on the market as repossessed land. Foreclosure tells lenders that you were unable to maintain payments and, as a result, were forcibly removed from the residence. Such inability to pay bills causes serious problems in the future as many financial institutions are reluctant to approve any type of loan immediately after a foreclosure.
In contrast, a short sale leaves a portion of the power in the homeowner’s hands. You still have the deed to your home and the privilege of selling it. A short sale does not negatively affect your credit even though your motivation for selling may be to stop foreclosure Pittsburgh.
Since short sale buyers usually pay less than the seller owes in mortgage payments, the bank must be willing to accept a loss with the account in question. Since most institutions are focused on profit, very few agree to the terms of a short sale, which places the buyer at odds.
Caymus Realty Solutions is your alternative when short sales and other remedies fail to stop foreclosure Pittsburgh. We pay cash for houses and offer fair market value for property. Unlike short sales, our process is quick and simple. Fill out the form to get started on the road to financial recovery today!