When you are placed in a difficult financial situation and you cannot repay your mortgage any more, it is important you make good decision on how to deal with this aspect. A short sale Atlanta real estate agent can assist you sell your home a lower amount than the outstanding mortgage loan as agreed upon with your bank. When you remain silent about the matter, you are risking your home being foreclosed.

It is not a good experience for a home to be foreclosed and this is because it affects your credit score for many years. You will damage your score to a larger extend when your property is foreclosed. Although both foreclosure and short sale damage your FICO score, on the other hand, foreclosure has an extensive damage compared to short sales.

With foreclosing, a borrower suffers greatly in his or her credit score. This is something that reflects on FICO score for quite some time and affects future borrowing activities. In a recent highlight by Fair Isaac, the organization, which determines FICO scores, it revealed interesting details on how mortgage delinquencies affect your credit score.

The foreclosure selling process is complex and attracts very strict legal terms. In addition, with foreclosing, a lender incurs unnecessary costs like taxes and maintenance of a property. Unlike foreclosures, these kinds of property disposing arrangements have less complex transacting process and banks are able to recover some of their money.

In order to get approved of such property disposition, a borrower has to give a very realistic offer at which the home will be sold. If you quote a less price, it will be rejected by your lender. A realtor will assist in valuing the property and setting a reasonable price that will attract the interest of a lender.

For a borrower, this selling agreement helps come out of a financial burden and you could start rebuilding your finances soon. Nonetheless, your FICO score will be affected whether the property is sold under this disposing arrangement or through foreclosures. However, short sales are more lenient and may not affect your credit score adversely like foreclosures would do.

On the other hand, lenders do not want to take any responsibility in repairing those homes since already they are incurring losses in that mortgage. When a home is underwater, it means that its market value is less than the balance of a mortgage loan owed. A real estate agent will help you get into agreement with your lender to sell that property in this kind of sale.

However, the problem is that not all properties which have delinquencies and owners have failed to repay their loan balances are approved of short sales. Banks make a lot of considerations before they approve the deals. With the help of a short sale real estate, you can get advice on how you could win an approval to sell your property that is underwater through this kind of property disposition arrangement.

You can access the information on how to conduct a short sale Atlanta locals are using by viewing our web pages at www.tempeshortsaleattorney.com today. To learn how to avoid foreclosure, click the links at http://www.tempeshortsaleattorney.com now.