Short Sale Solutions - How to Avoid Foreclosure
Short Sales Explained
A short sale can be an excellent solution for a homeowner who needs to sell or who owes more on their home than it is worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved. To be technical, here's a more official definition: • A homeowner is 'short' when the amount owed on his/her property is higher than current market value. • A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage. For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances: • Financial Hardship – There is a situation causing you to have trouble affording your mortgage. • Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage. • Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage. This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. My team and I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction. We have been 100% successful in closing short sales the last two years. Here is your opportunity to explore the possibility of a short sale, avoid foreclosure, and potentially save your credit rating. Understanding your options now could mean all the difference in the world. You may have a better way out and we are here to help! Please complete the form below for a no-cost, confidential consultation. Let us know your preferred method of contact: e-mail, home phone, office or cell phone - we'll be in touch.