San Diego Short Sales , The Last Stop on the Pre-foreclosure Train
If you are considering the short sale of your home or other property then, as a consumer, you need to know that there is a ton of information for you to sift through before you are ready. The first thing you need to know is that San Diego short sales do not just happen because people fall behind on payments. In order for short sale to be a viable option, you need proof of some kind of financial hardship, aside from the usual costs of living. Divorce is a good reason, metaphorically speaking of course, as is recent loss of job. The point is that, even in these trying economic times, lenders still need a reason to extend this option to you.
The second thing to know is that, by themselves, short sales really do not cost anything. There are short sales agents that will work with you to draw up the contract with the bank and accept commissions based off of the sale. However, you should still contact a San Diego short sales lawyer. The reason for this is that, even if you do not owe the lender anything, the same may not be true for the IRS. A lawyer will help you to understand which exemptions, if any, you qualify for.
The third thing you should know is that you cannot always trust your realtor. Sad to say, most realtors are not qualified to handle San Diego short sales. This is yet another reason to call an attorney. Generally speaking, most fees are taken care of during the negotiations between you and the lender. However, this is not always the case. There are hidden fees that you may end up being responsible for if you do not have the right support. Call a San Diego Short Sales qualified lawyer.
The fourth thing you should know is that San Diego short sales are less likely to destroy your credit rating than a foreclosure. This is probably the one area of information that most people want to know about. Because short sales do not appear on your credit history, they usually will not affect your ability to buy a home in the future. Nevertheless, any late fees or bankruptcy that occurs before the short sale is complete will show up on your credit history. Keep in mind that bankruptcies stay on your credit history for years, so if you see one coming and cannot think of a way out, contact a short sales expert as soon as possible. The sooner you make the call, the sooner you can begin the recovery process.
Shanner & Associates is a leading law firm with experience in San Diego short sales and other foreclosure and bankruptcy matters. If you want to learn more about short sales and foreclosure, or to find qualified legal help in your area, visit http://www.shannerlaw.com today.
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