Main Content

Venice Short Sales Common Alternative To Entering In To Foreclosure

There are still a large number of homes that are distressed in the Venice area. While some of these homes will eventually enter in to foreclosure it is important that homeowners know they have options for selling their home and moving on. Every day your neighbors are completing Venice Short Sales in order to avoid the pain of foreclosure while also getting out from under their mortgage debt. The short sale process is still a rather new concept for many homeowners and that is why it’s important to know the basics before capitalizing on Venice Short Sales.

In a short sale your agent negotiates with your lender to agree to allow the sale of the property for less than what is owed on the mortgage. While this certainly sounds odd from your lenders perspective it is truly win-win situation. Venice Short Sales allow banks to get rid of these toxic loans while also helping homeowners move on from their underwater mortgage. On average a short sale will take four to six weeks to complete from listing your home to the sale date. Venice Short Sales will require the homeowner to provide lengthy documentation of financial records and monthly bills to show your lender a short sale is indeed necessary. All Venice Short Saleswill require a valid hardship as well. A hardship letter written by the homeowner will spell out to the lender why a short sale should be allowed on the property. Some common hardships would include lose of employment, divorce, relocating for work, or death of the head of household. As Venice Short Sales become more common some lenders and servicers have started offering incentives to homeowners that complete a short sale.

If your home is no longer worth what you paid for it make sure to consider your options. A foreclosure will haunt you for a minimum of seven years and there are several options for avoid this outcome.