West Sacramento Short Sale Information – Why is Short Sale Better than Foreclosure with a HELOC?

Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

Why is Short Sale Better than Foreclosure with a HELOC? We get this question a lot. The client will say, “I’m going to just let the bank take the property back”. Well that’s all and good however it really comes down to liability.

You see a Home Equity Line of Credit or HELOC is just that, a line of credit, not a true mortgage second. A line of credit is just like a credit card. If you lose the house to foreclosure the HELOCdoes not go away. You still owe the money. In a West Sacramento short sale however the lender is required to waive their right to a deficiency judgment and forgive the debt. Big, big difference.

Can you imagine losing your home to foreclosure and still owing on it? That’s crazy talk if you ask me. Now here is something else to consider. If you took out a second loan on your West Sacramento property, not as the initial purchase but any time after the original close of escrow you could be facing the same issue as the HELOC, especially if you took cash out at the time of closing. If the first mortgage forecloses under this scenario the second still can pursue you for the deficiency. Not so in a West Sacramento Short Sale.

Here’s my best advice. If you have a second mortgage and you are considering letting your home go to foreclosure, call me and let’s take a strong look at your situation. A West Sacramento Short Sale may be your best option.

Is a West Sacramento Short Sale Right for Me? Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me for details

To get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did.