Utah Short Sale – How to Stop Your Foreclosure Dead In Its Tracks!

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It is no mystery that a foreclosure can wreak havoc on your entire life, from its devastating effects on your credit to compromised future employment and even the prevention of you getting a security clearance. These are not small consequences, as a foreclosure can have a greater negative impact than even a bankruptcy! As one of the highest foreclosing states in the nation, Utah has been hit especially hard. A Utah short sale has been rescuing “under water” homeowners from devastation, and this article will explain how.

Comparing credit consequences

However, before we get into discussing the nature of a short sale and how it may be able to bail you out of a really bad situation, let’s quickly compare the adverse credit consequences of exercising a short sale versus being foreclosed on.

Figures will obviously vary depending upon your specific market. However, generally speaking, the foreclosure process can hit your credit score by as much as 300 points, and usually no less than 250 points. Conversely, you can expect to incur an approximate 50 point hit when you sell your property by way of a short sale.

Additionally, a foreclosure will typically prevent you from purchasing another home for a minimum of three years, while a short sale can have you owning a new home in less than two. Moreover, you are not likely to experience any additional consequences as a result of implementing a short sale to stop foreclosure.

So what is a short sale, exactly?

The Utah short sale process is quite simple. You simply cash out your under-water home for less than what you owe on your mortgage. There are investors out there who will happily take the property off your hands for a fair price, and as long as your lender is in agreement with it, then you may do so and walk away from your property almost completely unscathed.

But why would a lender agree to take a loss? The reality is, foreclosure isn’t just bad for you. It has very negative consequences for the bank or mortgage company, as well. For starters, they’ve got to repossess the property. Then, they’ll put it up for auction. If it doesn’t sell there, they’ll have to pay to sell it through a real estate agent. These things cost the bank a lot of money. So while they will certainly be taking a bit of a loss when you exercise the short sale option, it will pale in comparison to the costs of foreclosing on your property.

Bankruptcy not the answer

Oddly, fewer than 80 percent of individuals facing foreclosure ever exercise the Utah short sale option, or even put their properties up on the market. As an unfortunate consequence, they are either forced to file bankruptcy, or they just sit back and let the foreclosure process ruin them. With a short sale, both fates can be avoided.

The last thing you want to do in this situation is sit back and “hope” it all goes away. To stop a foreclosure from wrecking your life, and to do so quickly, you want to turn to the help and services of a Utah foreclosure expert who can help you end this nightmare once and for all. Doing so can get you out of your failed mortgage, protect your credit, stop creditors from harassing you, and give you some long-overdue freedom and peace of mind.

Stop Utah Foreclosure professionals have a proven track record in successfully completing short sales in Utah call us at 801-718-6156, and  find out whether your mortgage will qualify for a short sale solution. Or if you prefer, fill out the form on the right. We can usually get back to you within 24 hours.

You might also like this article: Stopping Home Foreclosures In Utah

Tagged with: Avoid Utah foreclosure • bankruptcy • Salt Lake City short sale help • save my Utah home • utah short sales expert

Filed under: Utah Short Sales

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