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Tuesday
Aug242010

Short Sales in Orange County protected from debt collectors

With the current state of the economy and homeowners facing financial difficulties, short sales have become increasingly common among Orange County homes. Using a short sale rather than foreclosure in OC means it reduces the negative impact on your credit rating - which has got to be a good thing. The other good news relates to the Mortgage Foregiveness Act of 2007.

What Is A Short Sale And Is It A Good Idea? | Financial Aid

The Mortgage Forgiveness Act of 2007, has been extended to 2010, protects OC real estate home owners from debt collectors seeking monies owed beyond the sales price of primary residences.

´╗┐Rather than walking away from a negative asset or losing your home to a bank foreclosure, a short sale will have a less severe impact on your credit, and more importantly we can re-qualify for home loans much sooner.

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