As us agents work to help homeowners in troubled times we are realizing many homeowners facing the lost of their homes are simply walking away. Although this is one option, it’s not the best option in my book. Because a foreclosure will impact a homeowners credit a lot worse then if they were to opt for a short sale. What’s interesting about this is the homeowners are being advised to walk away by their own attorney’s.
When facing foreclosure, I recommend homeowners to consider a short sale before the idea of simply walking away. With a short sale the consumer can look into buying another property within 2 years; however, with a foreclosure on the books, a homeowner is looking at possibly 5 years before they can get a home with a decent interest rate.
Homeowners if your facing difficulties please call me at (951) 532-1943 to discuss your options in greater detail.
