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Short Sale vs. Foreclosure:

Which is the Better Option?

Many home owners in your neighborhood are having
trouble making their mortgage payments. Occurrences
such as serious illness, a major accident, divorce or job
loss can happen to anyone. Adjustable rate mortgages have
also been driving the payment up to an unmanageable
plateau for many home owners.

Losing your home to foreclosure due to an inability to keep up
with your monthly mortgage payments is one of life's most
unpleasant experiences. It is also an event that keeps on
affecting you long after your home is history by devastating your
credit score.

So it's a good idea to understand the available alternatives
should the worst occur.

Of all available options, foreclosure is the worst

The inevitable result of a foreclosure is the lender taking your house. Not only will you lose your house, but the
lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. A
mortgage foreclosure can prevent a family from owning a home for up to 10 years. In addition to this, credit
scores can plummet over 250 points once a foreclosure is recorded. Poor credit can affect the ability to get a
job, cause job loss for individuals with a security clearance and create an inability to purchase anything
utilizing credit for lengthy periods of time. There is no upside to foreclosure. It should be avoided at all costs.

What does a short sale do that a foreclosure does not?

1. Your credit scorewill only decrease by about 50 points.

2. A short sale is not reported on credit histories.

3. In most cases a new mortgage can be obtained and home can be purchased within 2 • years.

4. The government will give you $3000 in relocation assistance(not all properties will qualify).

Banks only foreclose on properties as a last resort. They not only lose money, it costs them
additional money to keep it on their books until it sells again. A bank is not set up to be a landlord.

Almost any option is better than foreclosure

Simply stated, do everything you can before foreclosure occurs and do it as quickly as humanly possible.
Don't sit back and keep thinking, "What can I do?" Instead, consider a short sale and check with your Real
Estate Professional before your options become more limited.

Don't Do This Alone

To successfully short sell your home you need a team of competent Professionals on your side. Facing
foreclosure is a scary thing. Hire an agent that has lots of short sale experience, one who knows who to talk
to, when to talk to them, and how to handle all the paperwork to get the deal done.

These statements are for general information only and may not apply to all homeowners.

always recommend you consult your Attorney, Mortgage Banker and Tax advisor.

Real Estate Broker # 01240224
FOR A PRIVATE CONSULTATION CONTACT
David Dorer Your Local Realtor (916) 276-7945
Or Email me at Daviddorer@connectrealty.com
www.norcalhomes4sale.com