ShortSale3Despite substantial rise in home price in 2013, there are still millions of homes with under water mortgage!   So, if you your Campbell home mortgage is higher than the home’s value, then Short Sale might be an option.

One of Short Sale benefits  is that your mortgage loan will be reported to the credit agencies as “Paid or Satisfied” which minimizes damage to your credit score.   In addition, lenders now offer Relocation Incentives as part of Campbell Short Sale negotiations to motivate owners to vacate their property.   Some of these lenders are offering relocation incentives as high as $30,000

Offering relocation incentives is not one of those insane bank practices that we often see. Most home owners have given up on getting any help from banks and federal government to save their homes.  In fact, these incentives are very timely, specially since the tax forgiveness of these relocation funds might not be available in 2014.   Another benefit of your Campbell Short Sale is that in most cases there is no Cost to the Seller for the Short Sale and majority of the costs are covered by the lenders.

Foreclosures however, will have a lasting impact  on your credit score.  Foreclosure will cause severe drop in your credit score and substantial loss in their ability to borrow money in the future.  In fact, results of the Foreclosures appear on the owners credits history for up to 7 long years and more depending on the credit agency!

There are alternatives to Foreclosures which are Deed in Lieu and Bankruptcy and they will be covered under different blogs. However, you should contact an experienced Campbell Short Sale agent to better understand all your options.

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