You may want to consider a short sale. Short selling prior to foreclosure helps your future credit repair efforts and is the only way to get your deficiency removed. Your deficiency is the amount of debt not covered by the sale of the home and can be taxable as debt forgiveness or pursued in collections after foreclosure if not negotiated in a successful short sale.
Once the foreclosure has gone through, you have nothing left to negotiate and are at the mercy of the bank’s whims for years as they could seek restitution well into the future! Banks are more willing to do short sales now than ever due to new government regulations and incentives that help make them whole or partially whole on the losses. Foreclosures cost banks more money than a short sale. Foreclosures will remain on your credit for more than seven years while short sales show up as a negotiated settlement and can sometimes be removed in three years.
Carney Realty works with an attorney-owned title company to negotiate your short sale and will fight hard to get your deficiency removed by the bank at closing. They are successful in approximately 80% of short sale cases. No one can guarantee your deficiency will be removed, but attorneys will always have a better chance than a Realtor alone.
Consult our certified short sale professionals to get accurate answers to all of your questions. Do not just ignore the bank during this tough time. Use a specialist to speak on your behalf and to help you move on to better things. Once you have completed the short sale process, we will then move you into our free credit repair program to get you back on track and into the home you desire.