With the economy the way that it is these days sometimes bad things happen to good people.

Short selling a house is an alternative way to sell a home. A short sale, also known as a pre-foreclosure sale, happens when a lender accepts a lower amount for the house than the mortgage the house has against it. These sales are not easy to complete and it does require a knowledgeable team on your side to help you, but is becoming more and more common.

There are qualifications that have to be met in order for your home to be sold through a short sale:

• You are in default or near default status with your mortgage
• The value of your home has dropped
• You have fallen on hard times.
• You have no other assets to pay the difference of the short sale

This is a good alternative to foreclosure. There are still credit ramifications because it does appear on your credit report – but it’s not a foreclosure. And, sometimes, when you are able to sell your house in a certain manner, you may be able to purchase another house within a couple of years – this is something you definitely can not do with a foreclosure.

Most people aren’t even aware that this opportunity exists. This option is not ideal – losing a home never is – but it can help preserve dignity through a stressful situation.

The Heritage Home Team would like to work with you to help sell your home through a short sale. If you have reached a point where your mortgage payments are hard to make every month and you are moving towards default status on your loan contact The Heritage Home Team to discuss your options.

Also, make sure your friends and family are aware of this home selling alternative. They may not know that there is a way to get ‘out from underneath’ their home. This is a wonderful alternative to the bright orange and green stickers stuck to the front door and windows of a foreclosed home.

The Heritage Home Team continues to be here to work with our clients to find the best possible solution for their housing needs, in good times and in bad.