Cecil's School

Unfortunately at this time we are unable to offer that as an option. Due to the recent changes in the industry, someone who is behind on their payments will not qualify.

That may be an option but that is something that you would need to speak with our partner about. I can tell you that more than 90+% of loan modifications are unsuccessful according to government statistics

A short sale is simply when someone sells their home for less than what they owe on their mortgage and/or mortgages. The lender agrees to accept less, or be “shorted” on the amount owed to them so that they do not have to foreclose.

A short sale is a settled account with your lender and in most cases you will be ready and able to become a homeowner again in as little as 2 years. A foreclosure is the worst thing that could happen to your credit and will remain on your credit record for up to 10 years. It is worse than a bankruptcy

A foreclosure will remain on your credit for up to 10 years. A short sale is a settled account that will allow you to move on with your life and become a homeowner again in as little as 2 years

Your credit will be impacted only by showing missed payments up until the sale of the house. Considering that you are not currently making your payments there will not be any greater hit to your credit by doing a short sale. If you allow the house to foreclose your credit will be damaged more than any other thing that could happen, including a bankruptcy.

Most likely not but that will depend on numerous factors that the specialist can discuss with you. If you purchased your home as a primary residence you will most likely have no tax consequences either due to the Mortgage Forgiveness Debt Relief Act passed in late 2007.

That may be necessary depending on your specific financial situation but a short sale should be completed first. If you file for bankruptcy, you will still lose your home and the result will be both a bankruptcy and a foreclosure on your credit record. By doing a short sale first, and then potentially a bankruptcy to rid yourself of other debt will be the best strategy for your future credit and will help to reestablish your record in as little as 2 years as compared to 10 years.

You will be able to stay in your house during the course of the short sale but must leave once a settlement with the bank has been reached and the house has been sold.