Help! If I Don't Sell My House, I'm Going To LOSE It!

Lose your mind?

Or literally lose the house?

Well I know at times you can feel like losing your mind when you are desperately trying to sell.

If that is you, then hang in there and take a couple of deep breaths...you might even want to get a massage.

Yeah, that sounds nice! :)

The market is slow, so it's going to take some patience.

If on the other hand you read this headline and it means you're heading down the path towards foreclosure, then let's find a solution.

First things first...if at all possible keep making your payments! If you are able to do a short sale on your property, then you will have better chances of your credit score not getting heavily damaged if you keep your payments current.

If you are behind on the house, I would at least try to keep my other bills current. A successful short sale will at times only effect your credit 50-100 points, when a foreclosure can effect it 200-300.

According to Fannie Mae guidelines, you can purchase another home after 2 years of closing a short sale... with a foreclosure, you'll have to wait 5 years. If you'd like to read more about Fannie Mae guidelines concerning short sales and foreclosures, click here.

According to Wikipedia the definition of a short sale is:
"A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. If often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower."

A short sale can be a solution for a seller that owes more than their property is worth, and has to sell.

Find out if a short sale is your best option for you and your family based upon your situation. You'll want to consult with your attorney and tax consultant to clarify any questions you may have.

The short sale process is not an easy one. It takes time, and even more patience. Many real estate agents would rather have teeth pulled than deal with one!

It's always best to contact a real estate agent that specializes in short sales. During this stressful time of your time, it helps to have someone that is famaliar with the steps of a short sale.

Look for future posts on more specifics on how a short sale works and the details of short sale.

Heather Coley is a licensed real estate agent with Meridian Realty Saylor & Associates in Fayetteville Georgia. Office (770) 719-9150. Heather Cell (770) 527-2594.

Meridian Realty Saylor & Associates specializes in helping seller's in Fayette, Henry, Pike, Coweta, & surrounding Atlanta areas short sale their home.