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What is a Short Sale? (Avoid Foreclosure)

A short sale occurs when a loan servicing company or bank agrees to accept a lesser amount they are owed for an outstanding mortgage loan.

HOMEOWNERS

Are you considering a short sale? Find out if you qualify?

CES Realty understands that falling behind on your mortgage payments is a stressful situation. Deciding to solve your situation is the first and biggest step of the process. We are here to help you gather the information needed and help you successfully negotiate a short sale with your lender(s).



If you answered yes to any of these four questions you may qualify for a short sale.
What can CES Realty do for you?


CES Realty has a team of attorneys, counselors and processors to assist you in completing the short sale of your home.

Credit Consequences

The credit consequences of a short sale and foreclosure vary slightly. The general consensus is that a short sale will show up on your credit report as a "settlement", "settlement for less than owed" or a "pre-foreclosure in redemption". Also, since most lenders will not consider allowing a short sale until a few payments have actually been missed you may also have a few "lates" on your credit report. Neither of these marks is a good thing to have but it's possible to get them off of your credit report within a few years or less. A short sale can drop your credit score by 80-100 points. There is also the possibility that through negotiation with the lender you can avoid having the short sale reported to a credit agency.

A foreclosure on your credit report can take 7-10 years to remove and can cost your credit rating (FICO) up to 200-280 points which is a very big hit.

So, if you have no better alternatives, pursue a short sale aggressively and avoid foreclosure.
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