As a result of the drop in home values, many people find themselves upside down in their home. They are burdened with a mortgage they cannot afford and a home that they cannot sell unless they can pay thousands of dollars from their own pocket. They now find themselves facing foreclosure.

While some people may be able to save their home through a Chapter 13 bankruptcy or a loan modification, that isn’t always the case. If you are no longer able to afford your home, a short sale may be a better option than allowing the bank to foreclose.

What is a short sale? 

A short sale is basically where someone goes in and negotiates with the bank on your behalf so that the bank will take less money then what is owed and allow you to sell your home with nothing out of pocket from you.

Why short sale over foreclosure?

A short sale will allow you to move out when you are ready and prepared. If a bank forecloses on a home, they will normally then post an eviction notice on your door giving you three to five days to move out. However, with a short sale, you know when it will be time to move out.

Many lending programs will not lend money for three years to you after a foreclosure is finalized. But with a short sale, there are programs that will allow someone to purchase another home in as little as 12 months. The american dream of owning your home is still possible even after tough financial times. 

Another important reason is the incentive money the bank w ill pay you for selling the home. Current government guidelines provide for up to $10,000.00 on certain loans to be paid to the homeowner as a relocation expense. After putting so much into your home, thinking it would be your biggest investment, there is still a chance for you to get something back.

Who should I trust to help me with a short sale? 

The short sale boom has opened the door for some unscrupulous people who will tell you they can do a short sale, but in reality, they are not qualified. Just because someone has a license to sell a home, does not mean they understand the laws and potential consequences of a short sale that need to be avoided. 

At Morrison and Murff, we have been negotiating these contracts since 2008 and we have helped hundreds of families. With the ever changing governmental regulations, you need someone who understands the laws and the impact this will have on you and your family.

We have offices in Ogden, Logan, Sandy, and St. George to better serve you. Give us a call today for a free consultation and to learn what options you have at 801-528-6759.