Did you know that in San Diego alone the current number of foreclosures is around 27,000? That is an astronomical figure. Property values are drastically falling, and families are losing everything because they cannot pay their mortgages as a result of the economic downtown. This is a huge issue in the downtown San Diego area. All you have to do is look around your neighborhood and see the signs in the ground.
If this situation applies to you or someone you care about, know there is a less embarrassing exit from this dilemma than a gigantic, foreclosure sign in your front yard. A downtown short sale may be the tool you need to shake off the dark cloud of home repossession that lingers over your head.
A short sale will allow you, the homeowner, to participate in a transaction with the lien holder on your property which erases your debt to this lender. In the process, you sell your home, with assistance from an experienced, short sale representative who knows the downtown, housing market well.
Because of the falling real estate market and the troubled economy, your house is worth less than what you owe on your mortgage. As a result, the home sale will only bring in a portion of the amount you owe to the bank. Nevertheless, the lender is willing to accept this amount and clear your account, freeing you from embarrassment and possible bankruptcy.
Clearing the Skies of Foreclosure: A Solution for All Parties
A downtown short sale is a win-win result for all parties. It quite similar to having an election where everyone comes out winners.
- The lender quickly receives a payoff amount. Receiving money through the foreclosure process would take even longer, and then the bank would still run the risk of not being able to sell the property.
- The seller is able to pay his debt to the finance company without further harming his credit rating.
- New homeowners and real estate investors may find great deals as a result of the short sales.
There are many things in life you cannot avoid, but if you live in downtown San Diego, foreclosure is not one of them. There is a group that can help you out of this difficult situation. Contact the short sale professionals at San Diego Short Sales Experts, http://www.sdshortsaleexperts.com , and let them create a downtown, short sale escape from foreclosure.