Avoid Foreclosure and Protect Your Credit by Doing A Naperville Short Sale

Avoid Foreclosure and Protect Your Credit by Doing A Naperville Short Sale

For distressed homeowners, doing a Naperville short sale is one way to avoid foreclosure and protect your credit.

More than 6.4 million homeowners across the United States are still underwater on their mortgages and face the threat of foreclosure. This means they owe more on their mortgage than their home is worth. 

Foreclosure is not an ideal situation for homeowners since it has a damaging effect on one’s credit rating, not to mention the emotional damage it can cause homeowners.

Current lending guidelines make lenders rely heavily on a borrower’s credit scores to make a quick decision in approving home loans, interest rates, and the amount of the down payment. A credit rating is so important when making major financial decisions like taking out a home or car loan or applying for a credit card. Having badly damaged credit due to a foreclosure makes it hard for a borrower to move on with life.

Homeowners who are behind on their mortgages have an alternative to avoid the financial and emotional impact of a foreclosure. A Naperville short sale is a more dignified alternative that more and more homeowners are doing to get out of mortgage debt and avoid foreclosure.  A short sale is sometimes the best solution for homeowners who owe more than their home is worth and need to sell it.

Naperville short sales also affect credit score, but not as badly as a foreclosure. A short sale can lower the homeowner’s credit score by 50 points. A foreclosure can impact a credit score by as much as 250 to 300 points.

Another benefit of a short sale over a foreclosure is the credit recovery time. Homeowners who have gone through a short sale only need to wait as little as 2 years to buy another home, instead of the 5 to 7 years they will have to wait if they go through a foreclosure.

If you are behind on your mortgage payments and meet the short sale criteria, you have options. Find out if you are eligible for a short sale and hire a qualified Naperville short sale agent to help you effectively market your home, and negotiate with your lender.

A Short sale is a very complex process that will require the expertise of an experienced Naperville short sale agent. Teresa Ryan and the Ryan Hill Realty team are trained in Naperville short sales and will help you through the process if you meet the criteria.

Teresa Ryan is a certified Naperville short sale agent who has the training and skills needed to help distressed homeowners come up with solutions that will help them avoid foreclosure.

If you have questions or feel you may qualify for a Naperville short sale, please contact certified Naperville short sale agent Teresa Ryan on 630-276-7575 for a free consultation.

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Teresa Ryan

Broker/Owner, CDPE

Ryan Hill Realty

1001 E. Chicago Ave., Ste. 103

630-276-7575

TRyan@RyanHillRealty.com