Now more than ever, people all over the country have been suffering from financial distress. With loss of employment and poor mortgages increasing among other things. Unfortunately, over one out of every three home ownersâ€™ debt greatly oversees the value of their home.
Online PR News – 22-June-2013 – Orlando Florida – The Giff Group is an Orlando Short Sales Specialist who helps homeowners who as fallen behind on their mortgage or if the value of their home is less than what they owe determine if a short sale is right for them.
A short sale is a process of which you sell your home for less than what you owe on your mortgage. Short sales often occur in real estate when a lender comes to agreement in accepting a shorter pay off amount on a loan rather than what is owed to their property. When an Orlando short sale transaction is in action, the borrower will be indebted more on their loans and liens versus their propertyâ€™s worth at its current market value. Also, a lender will only agree to a short sale generally when the borrower can give account that they are in some type of hardship.
A great advantage you will get from short selling your home is that your record will usually recover within two years, which will give you the time to pay off old debt, establish your credit once again, and qualify for loans. Simply put, your credit history will read as â€śsettled in fullâ€ť or â€śpaid as negotiatedâ€ť, however, it will not be displayed as â€śshort saleâ€ť. A short sale is not an actual item on your credit so it will usually not affect any future employment where as an Orlando foreclosure keeps its title while potentially turning away employers, or even sacrificing your current job title.
The Giff Group as helped many home owners do successful short sales and release them from financial burden. This is one alternative to consider. Here is a helpful website the group offers to help homeowners determine if a short sale if right for them http://orlandoshortsalesnow.com/ On the site there is information and also a financial calulator. Legal advise is also recommended before making any financial or legal decision