Q: Are there any alternatives to a short sale?
A: Yes. Foreclosure, which will inhibit your ability to purchase a home at a later date, or even possibly bankruptcy, but only if you, can meet the requirements of the bankruptcy court.
Q: Can a short sale be done in every state?
A: Yes, but there are different state laws that may apply. PSG client servicing team will inform you of all applicable procedures within each state.
Q: How does a short sale affect my credit?
A: PSG is not a credit reporting agency. Under the strict guidelines of the Fair Credit Reporting Act lenders are obligated to report all payment activity. A short sale will be negotiated as a satisfaction of mortgage; in essence improving your negative remarks to paid. Your credit will not show as a foreclosure or short sale.
Q: Can a homeowner live at the property during a short sale?
A: The homeowner can remain in their home during the negotiating and approval process of the short sale and would not be responsible for the mortgage payment.
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