If you're a Metro Detroit homeowner facing financial challenges, understanding the choice between short sale and foreclosure is crucial. Let's break down the key considerations.

What is a Short Sale and How Does it Benefit You?

‍A short sale is a lifeline during tough times, helping you avoid foreclosure and resolve remaining debt. Here's why it's worth considering:

  • Avoiding Foreclosure: The primary benefit is steering clear of the detrimental effects of foreclosure, which can linger on your credit record for up to 7 years.
  • Credit Worries: Unlike foreclosure, a short sale is gentler on your credit score, showing only a pre-foreclosure status, minimizing long-term damage.
  • Buying a New House: Recovering from a short sale is faster than from a foreclosure, offering more flexibility for new home applications as soon as two years after filing, depending on the bank.
  • Usually No Fees Involved: Short sales often come with minimal fees compared to foreclosure, making them a more cost-effective option.

‍How Do You Get a Short Sale?

‍To pursue a short sale, you need to discuss the option with your bak as well as provide your bank with proof that you cannot make your mortgage payments. You may also consider consulting a real estate attorney experienced in this area for guidance.

If you're unsure about the best course of action, we're here to help. Reach out to us at the form below. We offer guidance at no cost or obligation and may even provide solutions like purchasing your house.

Navigating financial challenges is never easy, but understanding your options empowers you to make informed decisions. Whether it's a short sale, foreclosure, or exploring alternative routes, we're here to support you.