Home Girls: Foreclosure Alternative - The Short Sale, part 2 "The Advantages"

Provided by Home Girl Nan Skinner, 
Keller Williams Real Estate

Foreclosure Alternative: The Short Sale (part 2)
Advantages of a short sale process

1. You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. New Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to up to seven years after a foreclosure.
2. You will have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing, according to real estate attorney Lance Churchill.
3. You can receive up to $3,000 from your lender for moving expenses at the time of closing of a HAFA short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.
4. You can help your community’s home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the surrounding community.

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Previous article: Part 1

The Home Girls are real estate brokers who live in our area and have agreed to contribute information pertinent to Shoreline and Lake Forest Park home owners and home buyers.