Welcome to Safe Short Sales.com!

For most families, their home is their largest financial asset, and deciding to sell it for less than what you owe can be a difficult decision with many factors involved.

Let's take a moment to go over your options when you get "upside down" on your house:

Foreclosure

A Foreclosure is usually not your best option as this will impact your credit score for the next 7 years, and in this credit market, make it almost impossible to buy another home.
A foreclosure in this market will more than likely create a deficiency judgment which is treated just like loosing a lawsuit. Your wages can be garnished and it’s on your credit along with the foreclosure.
A foreclosure is the most costly option for both the bank and the homeowner now and in the future.

Deed in Lieu of Foreclosure

A Deed in Lieu is basically when the owner hands over the deed to the house to the bank and washes their hands of the house. The bank can sell it for whatever they want and come after the seller later.
This will negatively impact your credit for undetermined time and in this credit market, make it almost impossible to buy another home.
After the home is sold by the bank, a Deed in Lieu will more than likely create a deficiency judgment which is treated just like loosing a lawsuit. Your wages can be garnished and it’s on your credit along with a public record.
As compared to foreclosure, a Deed in Lieu is typically better on the credit but could be worse on the deficiency judgment.

Short Sale

A short sale is when the bank bank will take less than what they are owed on the mortgage to allow you to sell the home and avoid foreclosure.
Short sale will impact your credit for the payments that you missed, but typically appears as “settled debt” on your credit file. Buying another home can be a reality in 1 to 2 years especially after working with a credit repair company and the rest of your life is less stressful as well.
To be “short-sale approved”, the seller must prove to the lien holders that they are “insolvent” and have more debt than assets. The short sale will be denied without this.
The banks will typically create a 1099c which is much better than a deficiency judgment.
Short sale is usually the best option for the homeowner and the bank.