We're honored! Benchmark voted Best Mortgage Company of Teller County 2022 by Colorado Springs Gazette
3 Common Myths About Real Estate Short Sales - Benchmark CO

3 Common Myths About Real Estate Short Sales

A short sale damages one\’s credit record as much as foreclosure In many cases a short sale is less damaging to your credit record than a foreclosure. Some lenders may think that the short seller acted in a more responsible manner than simply walking away from the property. Although the amount paid may have been less than the mortgage balance outstanding, the loan was settled with the lender. Opting for foreclosure is often seen as a lack of responsibility. To qualify for a short sale one must be behind on payments This might have been true in the past, but it’s not anymore. You just need to be able to prove that you are in financial hardship, which could be due to death in the family, divorce, job loss, mortgage rate hike or even loss of property value. After a short sale you can’t buy again for five to seven years This may be true in some cases, but not all. In certain situations the waiting period can be reduced as low as two or three years before you are allowed to purchase another home. It would be wise to speak with licensed real estate professional or home financing specialist to get the most current options in the marketplace. Pass it on These are just a few examples of commonly believed short sale myths. A clear understanding of the short sale and the benefits it  can provide is important for financially strapped homeowners. Feel free to pass this important information on to someone that you feel would benefit from it.    ]]>