Short Sale vs Foreclosure: The Tradeoffs

Mike Kelly of Keller Williams Real Estate takes you through the pros and cons for home owners on both sides of the Short Sale and Foreclosure issues. This is essential viewing if your mortgage is in trouble.

Category:

Education

Tags:

• Sonoma
• County
• real
• estate
• foreclosure
• short
• sale
• shortsale
• upside
• down
• mortgage
• under
• water

[liam13coins]

If your short sale home isn't picked up before the foreclosure then your out just like the walk aways. I talked to an Attorney who handles banckruptcy, not this.

She said this short sale was all bullshit. Created by greedy lawyers and dolcile real estate agents looking for big bucks at distressed homeowners expense. Be warned!

[sonoramariah]

The redemption period varies- Minnesota, my state can be from six months to one year.

Also some states are recourse and some are not- get advice from an attorney /accountant in your state.

Thanks for doing this video to get the information out there.

[tarsier4u]

funny 2 attorneys I talked to said there is no difference on your credit between a short sale and full blown foereclosure . I question your info. debt releif can be forgiven and is not complex, especially if you have put a substantial amount down...this is a reportable loss (offset).

[Homeowner411]

Mike, thanks for breaking it down so well! We've added your video as a favorite for our Orange County foreclosure resource channels. Thanks for all your doing to educate homeowners there in Sonoma County!

[mrsooters]

Great info Mike thanks. Its a complicated subject and people really need somebody like yourself to navigate through the process.