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Details are critical in successful short sale transactions

When South Carolina homeowners are dealing with an underwater mortgage and mounting debt, they probably have some very important decisions ahead of them. Failing to make house payments can eventually cause lenders to begin the foreclosure process, which is both emotionally and financially damaging.

Rather than going through the stress of foreclosure, many distressed homeowners have found a short sale to be a viable alternative, largely because it resolves mortgage debt and isn't as damaging to personal credit as foreclosure. In order to take full advantage of this process, however, it is important that all steps of the process are handled carefully.

One man learned the hard way about what can happen if a short sale transaction isn't properly completed. Two years after completing a short sale, the man tried to obtain a new loan and was denied. Typically, this would be enough time to rebuild credit and be considered for approval, but the man was told he had to wait several more years because his short sale was "coded" as a foreclosure with credit institutions.

The rise in popularity of short sales over the last several years has caused problems for many consumers. Many people have dealt with the problems of inaccurate representations of their financial transactions when loan underwriters fail to recognize that consumers chose a short sale over foreclosure.

By sending letters to the top three credit agencies to certify his short sale, the man in this story was able to resolve the discrepancy. This mistake was not without costs, however. It took a total of six months for the requests to be completed.

Understanding the costs of the complications that can arise during the short sale process, it may be beneficial to seek out trustworthy advice. Taking this step may prevent confusion and potential financial harm.

Source: Tampa Bay Times, "Some find short sales count against them like foreclosure," Drew Harwell, April 16, 2013

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