Which Is Better? A Foreclosure or Short Sale of Your Connecticut House?

foreclosure or short sale on your connecticut house

Is Foreclosure or Short Sale The Best Option For Your House in Connecticut?

Most of us have rough times each now and again. As a homeowner, experiencing a tough time might mean losing the largest investment of your lifetime: your Connecticut home. If you cannot pay your mortgage and loan payments, then you might be close to facing foreclosure with your lender.  Sure, you can try to obtain assistance from the Connecticut Housing Finance Authority but if this isn’t available for your situation then you need to look at the options.

Even though you may of had a stellar payment record, once you begin to miss the monthly mortgage payment, the mortgage lender gets cold feet. Maybe you tried to sell your house via a realtor and nothing happened but an expired listing. If you can’t work it out which is better for your situation…a foreclosure or short sale?

Foreclosures Happen To The Best Of People In Connecticut

facing foreclosure in connecticut

Typically, the foreclosure procedure won’t start till you’ve missed involving 3-6 payments. To start with, it’s very important to see that foreclosure is a procedure. The very first step is known as pre-foreclosure. This usually means that the home is currently in default and the lender may or may not foreclose on your house.

The next step is a quick house sale. This is the point where the owner is hoping to sell the home prior to the lender forecloses, however, the market value is somewhat short of the balance due on the loan. Based upon the lender, they might or might not accept offers less than the remainder due now. In case the operator can find the lender to short sell, it’s a lot better for their credit score.

The next step is the foreclosure auction. That is when the lender is attempting to get the money for the property at a brief quantity of time. If the property doesn’t sell at auction, the lender subsequently repossesses the house and places it back on the market as available.

The ideal option would be to prevent the foreclosure process altogether and negotiate a sale of your house before you get to the point of missing payments on your loan.

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The Impact Of A Connecticut Foreclosure

Dependent on the process outlined previously,”foreclosure” is your lender taking “ownership” of your Connecticut home. This would affect your credit rating and could also appear in any reports that prospective landlords would operate. The foreclosure stays on your credit for 7 years prior to falling off,  for some, foreclosure may stay on for 10 years.

Based upon your situation, you might have more time to reside in your house when you let it go to foreclosure due to the statutory redemption period. In the end of the redemption period, when you haven’t reinstated your loan and are still unable to make your payments, then you truly must move out.

If you took ownership by means of a deed of trust, there’s generally no statutory redemption period, and you need to get out immediately.

Is A Short Sale in Connecticut Really The Answer?

Throughout the foreclosure procedure as explained above, you have the chance to list your Connecticut home as a short sale. The very best time for a short sale is that the time period when you understand you cannot make your payments as outlined on your loan agreement, and prior to the creditor filing legal actions against you.

You’ll have the ability to list your home in the market and attempt to obtain an offer which will meet the remainder of your loan or get close to it. This may be a tricky procedure since you’ll need to maintain continuous communication with the creditor concerning the offers that you receive and both you and the prospective buyer might need to wait lingering periods of time for them to counter or accept  the offer.

Should you have an offer which the lender is ready to accept, investing in your CT home to that purchaser could relieve you of some of those charge damage of owning a foreclosure, though it would negatively impact your credit score.

Sell Your Connecticut Home Fast

Our company at CashOfferOnHouse clearly understands your need to sell your house in Connecticut fast with no additional costs or waiting. You will experience a simple and hassle-free selling experience that will help you avoid foreclosure.

On top of that, you won’t have to pay any commissions or broker fees that eat away at the profits from conventional property sales. Our process will not cost you anything and it’ll put money in your pocket right away!

Reach out to Cash Offer On House to gain access to a wide array of resources for homeowners in Connecticut! Call now for more info! 888-683-7909

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Don Phelps

Don Phelps

Don Phelps is Director of Marketing at CashOfferOnHouse.com, the real estate investment company that specializes in buying houses for cash in “as-is” condition. His focus is educating homeowners on navigating the complex and challenging world of selling real estate with confidence and ease. Don has worked on projects for numerous organizations and has a particular passion for real estate investing, SEO and football. Don's writing has been featured in Thrive Global, Activerain, Realtor.com, Today.com and Doffitt.com.

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