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Thinking of foreclosure? Opt for short sales in South Carolina

A short sale is one option you may have if you're struggling to pay off or move out of your home. If your home is worth less than the amount of money you owe on it, this is one options that could work for you. Short sales take place when a homeowner owes more than the value of the home to a lender. At that point, a homeowner can work with lenders to sell the home, which helps them minimize the amount of financial liability they have.

For example, if the owner is able to sell the home for $100,000, but it was on a mortgage of $120,000, there will be a $20,000 deficiency. At that point, a homeowner can pay off the debt or work with lenders on a variety of other options. Legally speaking, this can be a tricky situation, but it has several advantages over going into foreclosure.

When you complete a short sale, you won't have to worry about as much damage to your credit rating, and that means you may be able to get into a new home sooner. Short sales also have the potential to prevent tax and judgment issues of some types, so that can be a benefit to you, too.

In South Carolina, your options are varied, so you shouldn't take the first option and seek foreclosure without having short sales or other options explained to you first. If you want to learn more about short sales and how they can be of benefit to you, please visit our short sales webpage. You have a right to know all the choices possible before making a decision that could affect years of your life.

Source: Weeks Law Firm, "Charleston Short Sale Lawyers" Sep. 18, 2014

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