Facing foreclosure in Florida is an awkward position to be in. The dread of losing the very roof above your head as well as the torture of knowing that all of your mortgage payments over the years are about to go down the drain are painful enough to break you psychologically.

Thankfully, a short sale offers an easier way out of financial distress. With this option, your mortgage lender does not foreclose on your property and instead accepts a payment less than what is owed. A company that buys houses in Orlando, Miami, or Tallahassee can save you from this ordeal.

Of course, a short sale is no panacea, but it can be a magic bullet that can do more than just beating an impending foreclosure. Below are the less appreciated advantages of this option.

Better Negotiating Power

Believe it or not, pursuing a short sale can put you in an excellent position to work out a favorable deal with your presumably upset mortgage lender. While this transaction can result in some financial loss to the other party, it provides a more appealing solution to your repayment dilemma.

In a short sale, you pay off most of the unpaid balance outright, and your mortgage lender can call it quits. On the contrary, a foreclosure can be an arduous legal process that can cost both parties a significant amount of time and money, which might end up hurting everybody.

Since you can expect your FICO scores to suffer for several years when your mortgage lender reports a foreclosure to the credit bureaus, you owe it to yourself to use a short sale to your advantage for damage control.

Minimizing the loss your mortgage lender has to contend with through a short sale might be enough incentive to convince them not to delete your late payments from your credit reports out of goodwill. If you can find a generous cash buyer willing to settle everything you owe can make it easier for your lender to forgive you.

credit report score on paper

Fast Credit Recovery

Speaking of damage control, a short sale can pave the way for quick credit rebuilding. To be clear, a short sale will reflect on your credit reports in the form of a settlement, a charged off, or a deed-in-lieu of foreclosure. In other words, there is no scenario where it will not harm your credit.

Nevertheless, a short sale can help you bounce back within two years, whereas a foreclosure might hinder you from pursuing homeownership once more for five to seven years.

Of course, taking the “short sale” route does not suffice. Time can heal all credit wounds, but discipline is a non-negotiable requirement. Actually, you should start demonstrating punctual payment months before the short sale is executed.

Refreshing Peace of Mind

Most importantly, a short sale gives you more control over your destiny. This feeling can be priceless, especially when it seems like many things have not been going your way.

A short sale is not without drawbacks, but it is one of your best options when facing an impending foreclosure. If all of your efforts to salvage your family’s right to live in your home end up being fruitless, it will offer you a fresh start and create adequate momentum to rebound more quickly.