Texas Short Sales are usually undertaken because the homeowner is out of options and does not want to experience the tragedy caused by home foreclosure.
Typically when someone is at the point of not being able to afford their home due to; high rates, dips in property values, divorce, loss of employment, decrease of income, etc., then we are forced to make a life altering decision.
If your home is foreclosed on you it will ruin your credit for seven years. That means you will have extreme difficulty finding any bank to loan you money. You can forget about being able to buy another house, a car, open a new business, or even qualify for credit cards. On top of that, the loans you do receive will have incredibly high interest rates as you will be considered a credit risk by credit card companies and banks.
With a Short Sale you have the ability to save your credit from reflecting a ‘foreclosure’ as to simply having a ‘settled debt’.
A Short Sale offers a way out of debt and leads to a fresh start.
Listed below are some of the reasons to conduct a Short Sale:
1. Erase a large debt (See example)
2. Get debt free fresh start
3. Minimize damage to credit
4. Take charge over the foreclosure process-
5. Avoid eviction
6. Allow yourself the option to move anywhere you want without having the burden of a bad credit making it difficult to rent or buy.
