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Short Sales Can Help Distressed South Carolina Homeowners

New real estate data shows that short sales are up and foreclosures are down throughout the United States. This is good news for nearly everyone involved.

Sort sales offer significant advantages over foreclosure for homeowners who can no longer keep up with their mortgage payments. A short sale can still hurt, of course, but the pain is far less.

In a short sale, both the homeowner and the lender agree to sell the home for less than is owed on the mortgage. The process allows homeowners to shed their mortgage obligations without having to go through foreclosure.

Avoiding foreclosure means it's easier for homeowners to rebuild their credit. Although a foreclosure and a short sale both do about the same amount of damage to a credit score, it's usually much easier to get another loan after a short sale. Further, short sales take less time than foreclosures, making it easier for homeowners to get back on their feet.

Short sales may also give homeowners a financial advantage. In some states, lenders can sue homeowners to recover the difference between the outstanding mortgage amount and the foreclosure sale price. With the help of a good short sales lawyer, homeowners can negotiate this liability away in a short sale.

Lenders Like Short Sales, Too

Banks usually recover more money in a short sale than they do in a foreclosure. On average, short sales net about $27,000 more. Short sales also cost less and are easier to process.

Another added benefit is that short sales discourage the kind of waste that can happen with foreclosed homes. Short sale homes are usually occupied soon after the original homeowner moves out, meaning that the homes do not fall prey to vandals or neglect.

If you're considering a short sale, contact an experienced Charleston short sales lawyer who can help you understand your options.

MSNBC, "Increase in Short Sales Give Market a Little Breathing Room," Martha C. White, Dec. 29, 2011

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