I'am often asked which is the better way to go, short sale or foreclosure?, as a Realtor the answer is easy. An alternative to foreclosure is definitely the way to go. The benefits of a short sale vs. foreclosure are as follows: The wait to buy another home is far shorter than that with a foreclosure. Freddie Mac, Fannie Mae and FHA determine lending guidelines for mortgages. A job loss, loss of income, illness or some other detrimental event has an effect on your ability to pay your mortgage and lead to a short sale or deed-in-lieu of foreclosure the wait is typically 2 years instead of 7 years. From the lenders prospective a short sale or a deed-in-lieu of mortgage demonstrates that even though you had a life event that prohibited you from paying as agreed you didn't just walk away from your house, in fact you worked with your bank to liquidate your property in a responsible manner. HAFA (Home Affordable Foreclosure Alternative) offers relocation expenses to homeowners who short sale their homes typically $3000 in relocation expenses. FOR QUESTIONS CONCERNING YOUR OPTIONS CALL ME TODAY 631-682-7722 TAMI REMAX SIGNATURE REAL ESTATE YOUR LOCAL REALTOR
