Should I Short Sale my Wisconsin home?
Did you know that an estimated 11 million home owners owe more on their mortgage than their property is currently worth? If you’re finding yourself “underwater” in your mortgage, meaning that you owe more than what your home is worth, you’ve probably asked yourself the question – “Should I short sell my home?”
Choosing Foreclosure:What if you decide to just let the bank foreclose on your Wisconsin home? The consequences include everything from badly affected credit to potential tax consequences and deficiency risks. Home owners' credit scores will be badly hit regardless of whether they attempt a short sale or have their property foreclosed on, but likely far greater when you have endured a foreclosure crisis. In some states, lenders may sue you for the difference between what you owe and what your foreclosure proceeds are.
Choosing a WI Short Sale:
If you decide to sell your house as a short sale, it will lower the amount of money you owe the bank, and will shorten the length of time you have to deal with the bank running after you for unpaid funds. If your lender believes they will net more money for your property through a short sale versus taking the property back then they will most likely accept a short sale offer.
If you decide to sell your house as a short sale, it will lower the amount of money you owe the bank, and will shorten the length of time you have to deal with the bank running after you for unpaid funds. If your lender believes they will net more money for your property through a short sale versus taking the property back then they will most likely accept a short sale offer.
We would be happy to help you determine if you home is a short sale candidate. Follow the link below for a no obligation home evaluation. You can also call 608-921-8536 to speak with our broker, Michael Collins, directly.
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