Gardena, California: How To Conduct A Short Sale Of Your Home

If you’re  underwater on your home and foreclosure is imminent, consider a short sale before you let the bank take your house.   Filing for foreclosure not only destroys credit, but let’s be honest here, it carries with it a certain stigma that is somewhat shameful.   Regardless, many feel this is the only option if upside down on mortgage payments.  But conducting a short sale of your Gardena home is not only an option, but a much better one.

So what exactly is a short sale?  A short sale is an agreement between the lender and the borrower in which the lender agrees to accept half the total amount do.  Lenders will complete short sales for a few reasons.  They will no longer have to chase borrowers for payment.  They will also avoid the costs and efforts of foreclosing on the property.  Few lenders might not consider a short sale as a viable option, but borrowers should definitely inquire before agreeing to foreclose.

If a short sale sounds right for you, the first thing you should do is contact for more information.  If you are in trouble of losing your Gardena home, a realtor as Housing Assist can help you with a solution.

So how exactly does it work?  Well first, you contact the lender and suggest the idea.  If he agrees, call a real estate lawyer and inquire about the legal ramifications of following through with the short sale.  Finally, reach out to an accountant and ask about possible short sale taxes.  Before any of this thought, its a great idea to contact Housing Assist so you can learn more about the process.

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