In order to start fresh in life, free from the yoke of pulling the debt, you will have to take concrete steps in that direction. If your house is facing a foreclosure, then you would definitely have to find a lender who will directly purchase your house and give you the right market value for the home.
To assess the right market value, you have to do some research in understanding what the market value of your home is. The market value will depend on several factors like the condition of the home, the location of the home, the mortgage on the property, whether the home is occupied by tenants or not etc. Fortunately, nowadays there are home buying services available that are ready to purchase your home in a short notice, say within seven days and giving you the right market value of your home.
Of course, the right market value would be decided by the factors mentioned above, but still you should look for home buyers who can help you avoid the foreclosure. Essentially, you will have to find home buyers who can exert certain influence at the bank so that the bank/lender forgives the deficiency amount after you have repaid the debt in part. This is the only way that you can start a new life after losing your home without the burden of debt and this procedure is technically known as the short sale procedure.
The short sale practice has multiple benefits over the foreclosure procedure. For example, foreclosure does not relieve you of the deficiency debt, but in the sale process there is a possibility that the lender may agree to forgive the deficiency amount and let you start a new life without the burden of debt bothering you. For that essentially you will have to find yourself home buying services that can exert that influence on the lender to let you avoid the burden of debt in the future.
If selling house fast is your major worry at this point of time then it is recommended that you definitely go for a short sale. If you compare a short sale with a foreclosure, you will find that there are multiple advantages of the sale procedure over the foreclosure. One of the major advantages of the short selling procedure is that you can actually earn some money by the procedure according to the HAFA program or the Bank of America Cooperative Short Sale Program. The amount you earn as an incentive for short selling your home can be up to $3000, which is a considerable amount that you can utilize the repayment of your debts with the bank. In a quick sale process, you are the one who is calling the shots rather than the bank. There is no relocation credit in case of a foreclosure scenario. If you want to sell a foreclosure home in Connecticut, you can definitely do that by finding a suitable investor online.
By David Gallagher