Top Myrtle Beach Short Sales Myths, Explained

Myrtle Beach Short SalesMyrtle Beach short sales is indeed a beneficial alternative for homeowners to resolve their delinquent loans without damaging their credit score and without getting into foreclosure. Although more information about short sales are made available through different media channels – such as the internet, flyers, real estate professionals, etc. – there are still homeowners who list their homes as a short sale without fully understanding what this process means. Some even have the wrong beliefs on short sales.

In this article, you’ll learn which of the different beliefs that most homeowners have with regards to Myrtle Beach short sales are actually myths. The truths behind these myths will also be detailed.

  • Short sales are only for homeowners who have mortgage debt

Contrary to what most homeowners believe, short sales can also be an option for those who are not in mortgage debt. Having delayed mortgage payments for more than 3 months is not the primary and only requirement to be eligible for a short sale. According to Freddie Mac, there are general eligibility requirements that a homeowner should fulfill. These include the property being the primary residence of the homeowner and that the homeowner’s debt to income ratio should exceed 55 percent.

  • Myrtle Beach short sales make you ineligible for a new mortgage

Typically, a homeowner who has pursued a short sale due to the inability to effectively manage his or her finances can apply for a new mortgage after four years of closing the short sale. You must be able to prove and establish that you have acceptable credit for at least 48 months to be approved for a new mortgage. On the other hand, those homeowners who have undergone a short sale due to income loss or medical emergencies must be able to prove their acceptable credit for only 24 months to get approved. Consult with a professional Myrtle Beach real estate agent for assistance on how best to apply for a new mortgage.

  • A short sale can negatively affect your credit score

While some may see a short sale as a negative mark on your credit score, it actually rates better than foreclosure according to most real estate professionals. Yes, people who calculate your credit score will know that you went through a short sale but upon analyzing your financial records, it will show that the short sale is a better option than going into foreclosure.

It’s important for homeowners to expand their knowledge on short sales before jumping straight into the wagon. Learn more about Myrtle Beach short sales by calling Jerry Pinkas Real Estate Experts.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577

Ensuring you are equipped to go through a smooth and successful Myrtle Beach short sales process.

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