Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

When should you consider a short sale?

You've been struggling to pay for your mortgage each month, and you're tired of living paycheck to paycheck. Your home isn't worth what you owe, and you don't want to keep paying. You're at a loss for how to get out of this fruitless situation.

A short sale is one possibility if you can't afford your home any longer but can't sell it for what you owe on your mortgage. A short sale is usually only an alternative if you can't refinance or modify your mortgage. You can also consider a short sale if you owe more on your home than it is worth.

If you are ready to sell your home or haven't been able to sell your home at a price that covers the remaining mortgage, you can talk to your lender about a short sale.

The primary benefit of a short sale is that you can reduce or eliminate your debt related to your mortgage. Your credit may suffer slightly, but it won't be as significant as if you had a foreclosure. In some cases, you may also qualify for up to $3,000 that can be used for relocation assistance.

Foreclosures hurt your credit longer than a short sale, so you can begin to repair your credit sooner and prepare to buy or rent a home more quickly with a short sale. You may qualify for a Fannie Mae loan in as few as 2 years with a short sale.

A short sale is just one option that may be open to you. Your attorney can talk to you about other options that may work for your situation.

Source: Fannie Mae, "Short Sale," accessed Oct. 11, 2017

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions