There have been many San Diego foreclosures recently in the news, especially with the current state of the economy. If you are one of those individuals struggling to pay your house payment, you are not alone.
There is a lot of confusion over what a short sale is versus a foreclosure. So hopefully, this article can help alleviate some of the misunderstanding. If you are looking at your options, this knowledge can help you stop foreclosure in some cases.
If you have a hard time paying your monthly house payment, then foreclosure might be something that is looming on your horizon. This is something that could have catastrophic results, and you do not want to join the number of San Diego foreclosures.
Usually, there is a catalyst for why San Diego residents cannot pay their monthly mortgage payments. This can range from something like an accident, an illness, change in marital status or unforeseen job problems.
Foreclosure is what happens when a lender takes your house from you. With foreclosure, you still owe the remaining debt, even though you do not own the house at all anymore. Often times, you also will be charged San Diego foreclosures costs. Because of the bad mark this puts on your credit, you will most likely try to stop foreclosure any way that you can.
Short sales typically occur when you have no other option besides foreclosure. Much like foreclosures, short sales leave a bad mark on your record, but you are left with less debt. If you catch yourself before you get too behind, then short sales can result in lower arrears payments.
Short sales can help you stop foreclosure, and help you avoid joining the ranks of the other San Diego foreclosures. This is where you sell your house for a discount, or lower than you actually paid for it. You still have debt, but not nearly as much as you would owe with your other options.
Do your research online to help stop foreclosure from happening to you. Know that there are people out there who can help, but be careful to avoid any scams.
If you are in a position on having to foreclose your home then check into stop foreclosure on your home. San Diego foreclosures are sky rocketing don’t let this happen to you.