Short Sale Realtors Serving: Macomb ■ Oakland ■ Lapeer ■ St Clair ■ Wayne ■ Genesee Counties
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A deficiency is the difference from what you sell your home for and what
you owe on it.
This would be your loan balance, attorney fees, back payments and property taxes.
So… If you sell your home for $100,000 and you owe $200,000… the deficiency would be $100,000.
The deficiency can be a result from a foreclosure ---- or ---- short sale… it doesn’t matter.
How it affects you does!
If your bank sells your home at a $100,000 loss… you’ll be on the hook for it.
And for a long time…. It’s for the rest of your life!
That
means between the foreclosure date your bank
can come back and sue you to get a deficiency judgement….
Which would most likely result in a garnishment of your wages until you pay it back.
For most people they would be paying that back for the rest of their lives.
A short sale allows you the opportunity to negotiate an agreement for this deficiency.
We know of homeowners that were able to get full release of deficiency of any further liability.
This is
exactly what you want!
This way you won’t be looking over your shoulder
for years…
wondering when your mortgage company is going to sue you.
You don’t
have a lot of time to do this, It is ideal that you start the short sale
before you have had a sheriff’s sale, but it can be done after as well.
Just make sure you don’t procrastinate and sit on this one. There is just too much at stake.
When you
do a short sale with us it won’t cost you any money,
so it is in your best interest to try to get this done as soon as possible.
Foreclosure is not an option!
There are
just too many benefits for doing
a short
sale… like session #6
which covers “Saving Your Credit” – Make sure you check that video out as well.
If you have any questions on this topic or any other topics call or email us.
And be sure to call Jerry Smith and Brian LaDue if you would like to short sale your home.
We are
“Your Michigan Short Sale Specialists”
Contact Us Anytime:
Brian LaDue
Short Sale Specialist
(248) 787-8644
shortsale@walkawaydebtfree.com
