If you are in a tight spot with your home, or in over your head, there are a lot of options available to you now. A Short Sale is where the bank will let you sell your house for less than you owe (a “short payoff”). The reason this is sometimes preferred resolution is that you are a little more in control of your situation. You reach an agreement with the bank that both parties agree on, stop the foreclosure, and get to leave the house on your terms. Most of the time on homestead property you are given a full release as well, and may be exempt* from tax liabilities resulting from the sale.
It is possible to negotiate a short sale yourself, but the average time invested into processing a short sale by an experienced negotiator is 60 staff hours, and usually 60-90 days. Unless you are very well versed in the process, you risk wasting a lot of time, and not negotiating the best possible result for yourself. Hope Consulting will work with you and your Realtor to ease the process, and keep you updated throughout the process. Call one of our specialists today to talk about your specific situation.
*Always consult a CPA for your specific situation.