Short Sale Information

In a short sale, the bank or mortgage lender(s) agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. the Lenders will in many cases, approve and accept less than what they are owed as full payoff (this means they may settle for $200,000, even if you currently owe them $300,000). The home owner sells the property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender.

Neither side is "doing the other a favor;" a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than foreclosure or continued non-payment would entail. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure.

Lenders have loss mitigation departments that evaluate potential short sale transactions. The majority of loss mitigation departments have pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal or Broker Price Opinion.

Lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from the 2009 foreclosure crisis, they are now more willing to accept short sales than ever before.

This presents an opportunity for You, if you owe more on your mortgage than Your property is worth and are having trouble selling. If you have received a Notice of Sale, contact us immediately to get started!

Ask yourself the following questions ....

Are you facing a financial hardship that you know will decrease your income?
Are you getting behind on your mortgage and you're not sure if you can catch up?
Do you just need to sell quickly but your home is worth less now than when you bought it?
Did you know that nearly 90% of the homeowners nationwide who try to short sale their home will end up losing their home to foreclosure because they don't employ a expert agent with a proven track record?
What will a foreclosure cost you in damaged credit, frustration and stress?
Do you want to work with an expert?
Did you know that not all agents can do a short sale and not all people qualify for our help?
Did you know there are NO OUT OF POCKET FEES OR ANY UP FRONT COSTS OF ANY KIND! …or in other words, you pay us nothing and if we do our job and save your home from foreclosure, only then will we get paid by the lender?

If you're not sure and just want to find out if you qualify, give us a call and we will walk you through your options. Believe it or not, you may just need help getting a temporary reduction in your payments to 'catch up'. In any case, contact us to talk about several options that you may not be aware of.