How The Washington State Short Sale Process Works
A short sale is one of the most common types of financial transactions for people that can no longer pay their mortgage. In times of a down housing market, home values decrease while mortgage payments remain the same. In the midst of the housing crisis several years ago, many people had to start the short sale process because they could no longer afford their home. A short sale is when a person’s home mortgage is more than the value of the home. This means that the homeowner has no equity in the home to fall back on when they cannot make payments. Here are several Washington state short sale programs for homeowners that are in this situation. If you are interested in learning more about a short sale in Washington State contact Washington Short Sale Team and ask to speak with a shot sale specialist (206) 852-7026.
Buying A Home
Buying a home is a dream for many people in the United States. However, in the rush to buy a home many homeowners do not look at how much the monthly payments will be. There have been times in the housing market when home values have gone up or down for years. Several years ago, many people were buying homes as fast as they could. The housing market crashed, sending home values well below what they were just a few years before. Millions of homeowners found themselves in a situation where they owed more on their home than they could afford.
A short sale is when a homeowner can no longer afford their home and they also have no home equity. A short sale is not the same as a foreclosure, although both transactions will hurt the credit of the homeowner. Banks are more willing to conduct short sales because they will recoup more value in the home. Instead of being on the hook for the whole mortgage, a bank will just have to make up the difference between the market value and what is owed on the home.
Short sales are a difficult process for homeowners to go through. There are many Washington state short sale programs available to people that are thinking about going through the short sale process. There are a lot of short sale lawyers in the Seattle area that can help homeowners with the entire process. A short sale is not something that should be taken lightly. Anyone that is thinking about going this route needs to make sure they have made the right decision for their future. For more information on the short sale process in Washington State, contact Washington Short Sale Team at (206) 852-7026 and speak with a specialist today.