Millions of people have lost their job opportunities, or have experienced a reduction in their annual incomes over the past few months. While many individuals have relied on second incomes or savings over the short term, others have been unable to maintain their financial threshold and are facing foreclosure on their properties in the event that something does not change quickly.
Nearly 50% of all marriages end in divorce, and while no one anticipates this event occurring in their lives, it can certainly cause more damage than just emotional for the couple. Millions of individuals going through divorces are faced to make tough financial decisions about the division of their joint assets. And while under normal circumstances these decisions are challenging, liquidating assets such as real estate during a downturned economy can present greater financial challenges for couples than during a strong economy.
What to do about Jointly Owned Real Estate?
Many divorcing couples decide to liquidate their current real estate in their divorce settlement, either to capture and divide equity within the property, or because neither party can afford to carry the mortgage payment on their independent salaries. In a strong real estate market, as what many residents of Virginia, Washington D.C. and Maryland experienced several years ago, selling a property under these circumstances was a piece of cake. Today, things are much different.
With the current real estate market, many divorcing couples are struggling to make their mortgage payments during and following their separation. And in extreme circumstances, couples are unable to continue making their mortgage payments, causing them to face foreclosure. But, what if there were another financial option available?
How a Short Sale may Help!
Short sales have given divorcing couples another financial option to consider when determining how they are going to address current property ownership. A short sale refers to a property sale in which the sales price is lower than what the property owner’s currently owe. The mortgage company must approve this type of sale, as they will be receiving less than what they are currently owed when the sale is completed. But, often times they will approve this type of sale as long as the sales price is reasonable, as this result is more favourable than a foreclosure.
And, when you short sell your property, both of you will be able to move on with your lives, without the stress of carrying a mortgage that you cannot afford or with the worry of a foreclosure damaging your personal credit scores. This solution may be just the answer you have been searching for.
For more information about short sales or to find out how much your property is currently worth, order your FREE Short Sale Report at http://relieftohomeowners.com!
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A short sale refers to a real estate transaction in which the property sells for a price below what is currently owed to the lender. Many people are unfamiliar with this financial option, as it often does not seem like common sense for a lender to allow a property to sell below what is currently owed. But, during a downturned economy, many lenders would prefer a short sale to a foreclosure
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A short sale refers to a real estate transaction in which the property sells for a price below what is currently owed to the lender. Many people are unfamiliar with this financial option, as it often does not seem like common sense for a lender to allow a property to sell below what is currently owed. But, during a downturned economy, many lenders would prefer a short sale to a foreclosure.
