San Diego home short sales are usually faster than the lengthy foreclosure process.
If you are trying to do a short sale on your North County home usually most collection activity against the North County seller by lien holders ends.
Also, a short sale of your North County property does not negatively impact property values as much as a foreclosure on your North County home.
There can be less of an adverse affect on a seller’s credit history. This may allow a seller to get a new mortgage within 2-3 years. With a foreclosure on your record your credit may be blemished for up to 7 years.
San Diego North County home short sales may allow you to avoid bankruptcy.
Short sales may be less costly than other types of sales. In a short sale, the lender usually pays the real estate commission and closing cost.
North County home owners who are “underwater” or “upside down” with respect to their mortgage loans, seek to sell their San Diego homes “short” to avoid the threat of foreclosure action and to lessen the credit damage that would accompany a foreclosure. Because of the “shortage”, the transaction may involve “debt forgiveness” by the Lender. But this is often preferable to the Lender compared to a foreclosure – which has costs and risks for the Lender in terms of lost payments, eviction, property maintenance, insurance, taxes, fees, and the like — or a loan modification, with the associated lack of certainty. Also, a short sale gets the non-performing mortgage loan asset off of the Lender’s financial books.