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Alternatives to foreclosure give you other options

If you are falling behind on your mortgage payments and think the only solution is foreclosure, you may not be correct. There are actually many alternatives to foreclosure you can try before you lose your home in that manner. While foreclosure might be a good option for some situations, if you would like to keep your home or try to prevent a foreclosure from hitting your credit score, there are some alternatives to consider.

Short sales are not always the best choice for buyers

A short sale can save you a lot of trouble if you're behind on your mortgage and need to make a sale, but as a buyer, a short sale has the potential to cause you trouble. Short-sale buyers might get a good deal, but in reality, most don't. It's typical for a short-sale property to actually be less valuable than another home on the market, primarily because the mortgage holder will want to see the home purchased for current market rates. That leaves little room for profit if the buyer wants to sell the home later.

Why would you choose a short sale over foreclosure?

You may not want to go through a foreclosure or a short sale, but if it's necessary to do so, there are some things that can help you get through the process without it devastating your life. Fortunately, short sales don't have to be as damaging as foreclosures, so they're a better option for many people.

A short sale is a good alternative to foreclosure

If you're facing foreclosure, one of the options that may be open to you is a short sale. While a foreclosure results in a bank repossessing your home, a short sale works differently. Since a short sale is likely to bring in more money, a mortgage lender is more likely to want to have a short sale go through than to own a home in foreclosure.

Foreclosures or short sales? There are benefits to both

If you've found yourself struggling to pay your mortgage or left with a mortgage that is more expensive than your home is worth, you may be looking at ways to get out of debt fast. While a bankruptcy is one possibility that could allow you to keep your home, there are other options if you don't want to keep it. They include foreclosure and short sales.

Should you seek a short sale to get out of debt?

There are many ways to get out of a mortgage, from selling your home to going through a foreclosure. While some manners of eliminating your debts may result in you losing your home and suffering a hit to your credit, others are less damaging or even result in you making a profit.

You could wait months for a short sale, so try these tips

A short sale is a process during which you sell your home for less than it is worth. To do this, you must have approval from the mortgage lender. Typically, you cannot be behind on payments and need to get as much money for the property as possible. The lender is only likely to approve a sale if the property is sold for a fair market price.

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Mt. Pleasant, SC 29466
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873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
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Summerville, SC 29483
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Goose Creek, SC 29445
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