Short Sales in Columbus
Just reviewing our closings for July, everything in the red parts of the portrait is individuals that we are assisting to evade foreclosure. Those are all written approvals.
Today we would love to speak to you about your choices. If you are falling behind on mortgage payments or are looking to hinder foreclose, you have about 4 or five choices in this market.
The first decision is to wait it out. However, the number of short sales and foreclosures are ever-increasing. Therefore, waiting it out is only an option if you can continue to pay your mortgage.
Your next option is a deed in lieu of foreclosure. A deed in lieu of foreclosure will include the identical affect on your credit as a foreclosure. However it will protect you from the risk of the bank coming back and sueing you.
The 3rd option is to go to foreclosure. You stop making your payments and hand the keys over to the bank. The home goes to auction and the bank buys it or else an investor purchases it. After that, you will have 30 to 60 days to get out of your home before the sheriff shows up to remove you.
The final alternative is the short sale. We complete a high volume of short sales in Columbus. Foreclosure will include the most negative effect on your credit in addition to your ability to buy in the next five years. Short sale is typically your smartest choice. Most lawyers would advise you to execute a short sale as your smartest option.
If you would like further information, check out our short sale survival guide on our web site. It might answer a lot of of the concerns that you might have.
