If you owe more on your mortgage than your home is worth, you can stop Virginia home foreclosure with a short sale.
When you are dealing with financial hardship that prevents you from repaying your home loan, you may be able to stop Virginia home foreclosure with a short sale. You many not want to sell your home, but short sale is a better option than foreclosure. Not only will you lose your home if it goes into foreclosure, but your credit will also be severely damaged. You have several options if you choose a Virginia short sale to help stop your home foreclosure.
In a short sale, your lender basically agrees to accept a sale price lower than your mortgage balance. Your lender must approve the offer on your home, which can take some time. You’ll want to make sure your lender will not hold you responsible for the deficiency balance, or the difference between what you owe and the sale price.
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Financing options
A Virginia short sale stops foreclosure and gives buyers several financing options. One of the quickest financing options available is loan assumption. This means that you must find a buyer who is willing to take over the terms of your mortgage loan. In most cases, this means that the buyer is also responsible for paying your mortgage payments that are in arrears.
If you cannot find a buyer who will agree to assume your loan, look for a buyer who has already established pre-approved financing. This will help your short sale process go quickly.
Real estate agent assistance
Many real estate firms have entire divisions that specialize in short sales to help homeowners who are facing home foreclosure. If you need to sell your home quickly to prevent it from going into foreclosure, know that real estate agent assistance is available. Contact a few local agents who specialize in short sales and ask them to help you find the best option for selling your home. To find short sale agents in your area, go to Reply!
Short sale alternatives
If you are thinking about selling your house to stop foreclosure, you have probably already exhausted all other available options. Some of these options may have included seeking original loan modification or refinancing. You may also use private mortgage insurance to pay your delinquent payments. This coverage is often required on mortgages in which less than 20 percent is required as an initial down payment. After these options have been exhausted, the only other option for many people is to file for bankruptcy.
No one ever goes into homeownership expecting to face foreclosure one day. However, it does happen to many people. You can stop Virginia home foreclosure by selling your homes via short sale. If you are looking for ways to stop your Virginia home from being foreclosed and you have exhausted all of your other options, this may be your way out.