Number on way to avoid a foreclosure and the auction of your home is according to Bank of America is – A SHORT SALE!!!
A short sale is the a way to sell your home and settle your motgage debt for the less than what you own on it! This is not only a positive for the homeowner, but also for the bank because they get more than they would if you home was foreclosed on. Some additional benefits are below:
- It usually takes less time than a foreclosure
- You’re credit may improve at a faster rate
- You may be eligible for financial assistance during your relocation!
Another option is to get a Deed in Lieu of Foreclosure, in which you give your property’s deed to the bank. This will still have a negative effect on your credit, but it is a much easier process than going through a foreclosure.
CLICK HERE for a checklist to smooth the transition from your home, and to get contact information for valuable assistance!