Orange Country Residents: Considering Foreclosure? Don’t!

The market is slumping, and a ton of Orange County residents are
upside on our mortgages, dealing with negative equity, and in jeopardy
of losing their homes. Foreclosure is on the horizon, but before
ruining your credit, you might want to consider a short sale.

A short sale is a sale of a property in which the proceeds fall short
of the total owed. Short sales save lenders time and effort in trying
to collect finances that the homeowner simply doesn’t have. Sure the
lender takes a loss, but everybody avoids foreclosure, which involves
hefty fees, load of time, and bad credit for the homeowner.

President Obama has instituted housing relief in the form of HAMP, the
federal Home Affordable Modification Program, which makes it possible
for those upside on their mortgages to engage in short sales or deeds
in lieu of foreclosure. So before you foreclose on your Orange County
property, consider a short sale. You will want to shop around in the
housing market sometime in the future, and shopping with bad credit is
never easy. Short sales don’t always pan out, but if you’re having
trouble making payments on your mortgage, you have nothing to lose in
trying before foreclosing on your Orange County property. Contact
Housing Assist, and find out more about short sales today.


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Housing Assist Coldwellbanker