Hi, I’m Toni Patillo with Toni Patillo and Associates, your leading Venice short sale agents. We are here to help walk you through the short sale process if that is what you decide is best for your family. Today we would like to talk about the difference between Venice short sales and the possibility of a foreclosure. If you are trying to decide between the two, we are hoping this information will help you in your decision process. Typically a foreclosure can have more damage on your credit report. It is said to have the 2nd worst effect with the first being filing bankruptcy. Also, your lender is still able to come after you for the deficiency after the foreclosure is complete. It’s a good idea to look at how many loans you have on your property. If you have multiple loans, you will have multiple mortgage “lates” every month on your credit report until the trustee sale date. This will only make it more difficult to repair your credit after the foreclosure.
If you should decide to complete a Venice short sale, you will be able to list and sell your home as soon as you realize you have a legitimate hardship. Acting quickly can help minimize any credit score damage. When completing a Venice short sale, the property value is based on the current market value. When you decide to purchase a home again, short sellers are viewed to have less of a credit risk than homeowners who go through the foreclosure process on their home. Also, another plus to completing a Venice short sale is you may qualify for government assistance. You can also negotiate the outcome of a deficiency judgment before the Venice short sale closes. This will help prevent you from having to pay the difference between what you owe on the home to what it actually sells for. A Venice short sale can help you begin your new financial journey and give you a fresh start financially and emotionally. Please let us know if you have any questions about the short sale process. Thanks and we look forward to speaking with you soon.