“Why would I short sell my house instead of saving the monthly payments and letting it go into foreclosure?” -Kathy

Kelly, if you stop paying your mortgage, then you can live in your home rent free for 12 to 24 months, depending on the state you are located within. I have seen lenders wait a year after the first missed payment just to file for foreclosure. Yes, you can live in your house for free for a long time. However, a short sale has many advantages over a foreclosure.

It does less damage to your credit and allows you to buy another home in three years versus the five to seven years after a foreclosure. In addition, you can get some money as an incentive for doing the short sale. If you want the benefits of both, then stay in your home until the foreclosure case has been started. Then, start working on a short sale agent. A short sale can take anywhere from 3 months to even 6-9 months to process.

This will allow you to salvage your credit and live "rent free" for 12 to 24 months. You will be able to wipe out all that upside down debt and move on with your life. Best of all, you will be eligible to buy another home in two to three years once you are back on your feet. 

Leave a Reply.

    East Lion Realty & Mortgage

    We're a big-town company that handles realty in all of Southern California. Haven't heard of us? Come to our website to learn more then!

    About the Team

    Here at East Lion Realty & Mortgage, we take care of you and want to learn more about you. In order to do that, you need to learn more about us as individuals. Go here to view our profiles.

    Thinking about a Short Sale?

    Ashish can help you short sale your property and get back on your feet. Send him an e-mail at Ashish@EastLionInc.com. He will contact you for a free consultation and explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call him directly at (818) 259-3455.

    Discover how other sellers successfully completed a short sale and request a free consultation by going to our Facebook page.


    Curb Appeal
    Finding Agents
    Hardship Letter
    Home Value
    Load Modification
    Short Sale
    Tiny Homes