A short sale is when the lender/servicer agrees to allow you to sell your home for market value, thus creating a shortage in what you are able to pay off when you sell.
Short sales used to be long arduous transactions with little guarantee of success. Not anymore. Wachovia has introduced its Fast Track Program and other lenders will soon follow suit. They are making it much easier to do a short sale now than ever before. You may even qualify for a seller financial incentive.
By opting to do a short sale, you are able to avoid foreclosure and put yourself into a home with lower monthly payments and no property taxes. This will have a beneficial outcome on your credit as well as allow you to qualify for a new loan much sooner.
- Wachovia no longer requires all of your personal financial paperwork to approve a short sale. They just want to chat with you about your situation.
- You do not have to be in default to do short sale.
- Non-owner and multi-units are included in the program.
- Financial incentive to sellers for moving costs
- No deficiency judgment – the banks cannot come after you later for the debt forgiveness!
- 24 hour response to submitted offers
This new program is a major improvement and will allow many homeowners to do what’s right for them and avoid foreclosure without hassle.
There are so many beautiful homes for rent at this time and rental amounts are low. It’s very possible to stay in your own neighborhood (and schools) for far less monthly outlay and preserve your credit.