When it comes to these two topics many homeowners have a few questions. So what is a short sale? A short sale is when the property’s mortgage gets reduced due to a particular circumstance….please see an attorney. The owner may need a short sale to sell the property because the seller owes more than someone would buy it for. A real estate short sale will have to be approved by the mortgage company/bank. It takes a while to get through so getting started quickly will save the home owner a lot of fees.
For a foreclosure the process can take a while. The homeowner may be backed up on mortgage payments so the bank will file for foreclosure so they can take the house or the collateral for the loan on the house. With a pre foreclosure the homeowner can file for mediation through the court system. Also a modification can take place and or just giving the house back to the bank freely. If the bank forecloses on the property the house owner will have to vacate the property. This situation can be extremely difficult for a homeowner. The family will have to relocate and it can surely put a lot of mental stress on the parents.
Either with a short sale or foreclosure the homeowner will want to take action and keep communication with the mortgage holder. Some are more helpful than others and many homeowners may seek the help of an attorney. We are not attorneys and definitely are not giving any legal advice as such. You should always seek help from the mortgage lender and or the court system in the Hillsborough County they may be able to direct you to more helpful advice.
A homeowner that finds themselves in any of these two situations (short sale or pre foreclosure) can always receive a cash offer on their house and sell quickly in order to move on with their lives and start again as far as a home is concerned. These situations are extremely stressful on a family who may already be facing severe financial stress. Learning how to budget and manage money should be key in the process of getting back on your feet! These maybe simple steps to take but can carry you through tough times and to avoid them as well.
Homeowners can sell their house fast and receive a
cash offer by calling us at: 813-278-6948