Short Sale in New York City: The Benefits of a Short Sale

One of the pressing questions for New York City homeowners who are faced with the possibility of default on their mortgage payments is how a Short Sale might benefit them? Is a Short Sale worth all the effort and time you need to put into it? And what, if any are the advantages of a Short Sale over a foreclosure?

Here are some answers:

1. A Short Sale helps avert the social and psychological stigma of a foreclosure. The word foreclosure itself leaves a bad taste in the mouth, not to mention a long-lasting blight on your credit score. A Short Sale allows you to retain the personal dignity of knowing you did whatever you could to recover the value of your home, honor the commitment to your creditor(s) and preserve your financial status.

2. A Short Sale significantly increases your chances of acquire financing for a home or car in the future. A Short Sale is reported differently on your credit score than a foreclosure and reflects the fact that you satisfied (in full or in part) the debt incurred. When applying for a new loan, one is required to state whether they foreclosed on a property but a Short Sale does not carry the same obligation.

3. A Short Sale can save you money. A foreclosure typically costs around $7500 and may lead to a Foreclosure Judgment that can cost you thousands more and result in bankruptcy. In a Short Sale agreement, those working on your behalf may be able to negotiate a settlement whereby the deficiency in your debt is waived based on your inability pay it back.

These are just a few of the way the Short Sale of your New York City home might help you overcome your difficulties. For more details, why not make use of the free consultation offered by Premier Real Estate NYC.