Short Sales Foreclosures Bank Owned Homes In Stockton
This has not been the greatest week for news about the American economy with the latest economic indicators on employment and the stock market losing ground. The most important economic indicators are those in our own community, Stockton and Lodi. With the current condition of the real estate market lots of homeowners are thinking about best resolution for them to sell their home particularly when they consider the difference between foreclosure and short sale. Homeowners in all economic ranges are in trouble on their mortgages and it is especially difficult for owners of luxury homes. The market for luxury homes is down even though they offer some of the best deals out there for home buyers. It takes an experienced tech savvy realtor to navigate this segment of the real estate market.
What is the answer? What does a homeowner do when you owe more than the value of their home? Here are several opitions in regards to foreclosures and short sales.
Ø Allowing your home to go into foreclose will have considerable long term consequences. The big difference between a short sales and foreclosures is the homeowners opportunity to purchase a new home. Homeowners who choose foreclosure will have to wait for seven years.
Ø Homeowners who a short sale have a waiting period of two years, if the mortgagee or homeowner is not behind on the monthly mortgage payment very often it does not affect their credit to the same extent.
Ø A foreclosure it will affect future credit and credit scores. It can negatively the score by 200 to 400 points. The foreclosure will appear on credit reports for ten years.
Ø With a short sale, you will bare not the cost of a sale, the lender pays.
Ø Foreclosure is not the easiest path to follow, but it will lead to exacting larger costs going forward on the homeowner. The lender or mortgage holder can institute and execute a judgment against your other assets.
Ø Lenders are taking different and favorable attitude towards short sales. Foreclosure is the an unfavorable option that will have lasting and long term consequences.
Hugh Lilly with PMZ Real Estate is short sale specialist and is HAFFA certified and has helped Stockton and Lodi homeowners resolve their mortgage problems. Call 209-479-9222 today for you free consolation.