Saturday, November 10, 2012

Lifestyle of Long Beach offers advise on avoiding Foreclosure


Long Beach Homes for Sale Present: Short Sale Tips

Avoid Foreclosure, Lifestyles of Long beach,  Alamitos Heights Homes, Belmont Heights Homes, Belmont Shore Homes, ben & jerrys, chick fil a, congress, democrat, election, facebook, food, free, freebies, freedom, house, investment, kc branaghans, keller williams, krispy kreme, Long Beach Homes For Sale, long beach real estate, Naples Island Homes, obama, panama joes, president, presidential, primary, realtor, republican, Ricardo The Realtor, The Peninsula Homes, virginia country club

Short Sales Stop Foreclosures: Why we should avoid Foreclosures

Sometimes things don't go as we hoped they would. But this doesn't mean that we have to give in and lose even more than our property. It is important to know your options when quick decisions have to be made. If funds fall short and you are no longer able to make payments for your piece of real estate in a timely fashion it is vital that you try and keep a good face by making smart decisions. If you need to sell your home in order to stay afloat, choosing to do a short sale instead of foreclosure is the right move.  Lifestyles of Long Beach and Ricardo the Realtor have some advice in regards to the advantages of doing a short sale vs. foreclosing your home. 


Know Your Terms:

Definition of Foreclosure, Avoid Foreclosure, Lifestyles of Long beach,  Alamitos Heights Homes, Belmont Heights Homes, Belmont Shore Homes, ben & jerrys, chick fil a, congress, democrat, election, facebook, food, free, freebies, freedom, house, investment, kc branaghans, keller williams, krispy kreme, Long Beach Homes For Sale, long beach real estate, Naples Island Homes, obama, panama joes, president, presidential, primary, realtor, republican, Ricardo The Realtor, The Peninsula Homes, virginia country club
Foreclosure is a forced sale of an asset

Foreclosure is when a lender legally forces the sale of the asset used as collateral for a loan to attempt to recover the balance of a loan from a borrower who has stopped making payments.



Short sale, Definition of Foreclosure, Avoid Foreclosure, Lifestyles of Long beach,  Alamitos Heights Homes, Belmont Heights Homes, Belmont Shore Homes, ben & jerrys, chick fil a, congress, democrat, election, facebook, food, free, freebies, freedom, house, investment, kc branaghans, keller williams, krispy kreme, Long Beach Homes For Sale, long beach real estate, Naples Island Homes, obama, panama joes, president, presidential, primary, realtor, republican, Ricardo The Realtor, The Peninsula Homes, virginia country club
Short Sale can help you avoid foreclosure
  
A Short Sale is an arrangement between the current owner of a home and the current mortgage lender holding the mortgage to sell the real estate and accept an offer for less than the total amount owed to pay off the home loan. The lendee must encourage the lender to agree to this. Therefore, you must pursue this options a soon as you start falling behind in your payments.

Credit Score, Short sale, Definition of Foreclosure, Avoid Foreclosure, Lifestyles of Long beach,  Alamitos Heights Homes, Belmont Heights Homes, Belmont Shore Homes, ben & jerrys, chick fil a, congress, democrat, election, facebook, food, free, freebies, freedom, house, investment, kc branaghans, keller williams, krispy kreme, Long Beach Homes For Sale, long beach real estate, Naples Island Homes, obama, panama joes, president, presidential, primary, realtor, republican, Ricardo The Realtor, The Peninsula Homes, virginia country club 

 

Credit Score:

A foreclosure can affect your credit score from 250 to over 300 points. The affect will last for over 3 years and will remain on your credit history for 10 years. If you provide payments on time and regularly, a short sale will not affect your credit score. A short sale will not be shown on your credit report and when the transaction is complete, the loan will be shown as paid in full providing a positive score. Ricardo the Realtor advises to keep your Credit score looking good for when you plan on buying a home in the future.

Bad Credit Effects Employment, Lifestyles of Long Beach, Credit Score, Short sale, Definition of Foreclosure, Avoid Foreclosure, Lifestyles of Long beach,  Alamitos Heights Homes, Belmont Heights Homes, Belmont Shore Homes, ben & jerrys, chick fil a, congress, democrat, election, facebook, food, free, freebies, freedom, house, investment, kc branaghans, keller williams, krispy kreme, Long Beach Homes For Sale, long beach real estate, Naples Island Homes, obama, panama joes, president, presidential, primary, realtor, republican, Ricardo The Realtor, The Peninsula Homes, virginia country club
Employment options will be effected by Foreclosure

 

 

Employment:

When deciding whether to foreclose or do a short sale, it is important to factor in how this might affect your employment.  Believe it or not, bad credit can effect whether or not you can get and keep the job of your dreams. Many sensitive positions or those with security clearances do regular credit checks on their employees. An individual having bad credit is enough grounds for immediate termination. Furthermore, most employees check credit reports when hiring on new employees. Becoming less employable will definitely make a hard time worse.  Foreclosures will be placed as a black mark on your credit report significantly effecting your score.  On the other hand, short sales are not put on your credit report, therefore they have no negative effect on your credit score or your employment options.
future loans, loans, Credit Score, Short sale, Definition of Foreclosure, Avoid Foreclosure, Lifestyles of Long beach,  Alamitos Heights Homes, Belmont Heights Homes, Belmont Shore Homes, ben & jerrys, chick fil a, congress, democrat, election, facebook, food, free, freebies, freedom, house, investment, kc branaghans, keller williams, krispy kreme, Long Beach Homes For Sale, long beach real estate, Naples Island Homes, obama, panama joes, president, presidential, primary, realtor, republican, Ricardo The Realtor, The Peninsula Homes, virginia country club

Future Loans:

What choices you make now could lead to worse options later. When in the future you apply for another loan, you will have to inform the prospective loaner of your previous foreclosure. They will add this into consideration when determining your rates. On the other hand Loan Officers will not request  acknowledgement of a previous short sale. Long Beach Homes for Sale highly recommends utilizing a short sale to ensure you have the highest chances of aquiring a future loan with the best rates.

Foreclosure is the worst option. You will lose your house and additional moneys can be claimed against you by the lender to cover their cost due to the foreclosure. It is important to look at your options in such a difficult time and consider having a short sale. The long term effects of a short sale are much less detrimental than those of foreclosure. Your credit score, employment options, and future loan requests will all be much better off. In order for you to have a short sale as an option remember to keep in good standing with your Loan Officer and to ask for this option as soon as you know you will not be able to make the loan payments on time.