Strategic Default Or Orlando Short Sale. Which Is Better For You?

If you are upside down, then you might be tempted to walk away. You’ll mail your keys to the lender and move out.
Before you move out, I have some important information to tell you. You should stay in the house for as long as possible.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
In fact, the average length of time you can live for free is 461 days. That number is a statistic I’ve seen lots of people throw around.
I just tried to Google the official source, but it isn’t coming up in several searches. I do know that number is true, based on all of the foreclosures I’ve seen recently.
Many lenders take around 12 months to file foreclosure. Then, the foreclosure process can last 6-12 months, if not longer.
Here is the bottom line: Don’t move out as soon as you get behind. Stay in the house and save the money you would be spending on rent.
After the lender forecloses you will have to worry about them pursuing you for the money they lost. So, you’ve decided to walk away, but you want to reduce the side effects?
You can avoid a lot of the bad side effects with a short sale. First off, on 80-90% of all short sales, you won’t have to pay any money back.
Second, you will be eligible to buy another house in 2-3 years (You have to wait 5-7 years after a foreclosure.) Third, a short sale costs you nothing.
When the home sells, your lender pays us a commission. The lenders know they get more money from a short sale than a foreclosure.
This is why most lenders are willing to pay all the other costs associated with the sale. Thinking about a short sale?