What is a short sale?
A short sale is when the lender agrees to accept less money than the amount owed on a property.
Are you upside down on your mortgage or behind in payments because:
1. Of an unexpected hardship - Job loss, change in income, divorce, death, increased debt, family emergencies, etc.
2. Mortgage financing - did you get into an ARM and/or payment adjustment, deferred interest program (option ARM), 100% financing, or another type of mortage that has all of a sudden increased and no longer is affordable.
3. Market conditions - Values are decreasing or no equity.
It’s not too late to save you from foreclosure . Allow me to negotiate a short sale on your behalf.
Do I Qualify?
If you are insolvent and we can prove that your debts out weigh your assets chances are you will qualify for a short sale. Yes, even if your house is worth less than it is worth.
Primary residences and second homes can be sold via short sale but one must prove they are insolvent and we will council you every step of the way, all at no cost out of pocket to you.
Do I have to be behind in my payments to qualify?
No. I have helped many sellers negotiate a short sale even though they never missed a payment.
How will this effect my credit?
Your credit will suffer because of the late payments. Most sellers credit start to repair immediately after a short sale because you no longer have late payments provided that you continue paying your other debts. Let's talk about the alternatives:
Bancruptcy can stay on your credit report for 10 years meaning you will most likely have to pay a higher interest on everything you need to apply for credi ton in the next 10 years.
A foreclosure will stay on your record for a minimum of 7 years and have the same effects as bancruptcy with higher interest and the lender can also garnish your wages and seize your assets.
So the lender forgives my debt?
Yes in many cases with an experienced cerified short sale agent handling your sale, you will end up owing NOTHING no matter how low of an offer the lender accepts.
What are my options?
1. Always call your lender and see if they will work out a new loan with you...they do NOT want your house back.
2. There are programs available such as HOPE which is a HUD program.
3. Consult your attorney and ask if a short sale might be the best way to go.
4. Let the house be foreclosed on and give the lender the right to sue you for the shortage and garnish your wages.
5. File bancruptcy which forgives the old debt BUT not usually anything going forward, so chances are you could be in this same foreclosure situation in 6 months and have a bancruptcy on your record.
What will a short sale cost me?
If you work with a certified short sale expert that is a licensed real estate agent there shoudl be no cost to you out of pocket. The lender usually pays for your attorney, closing costs, our commissions, etc.
How much money will I end up with?
Depending on who you lender is, you may benefit as much as $30,000.00 at closing!! Also if you qualify for the HAFA program you could receive as much as $3,000.00 in relocation money at closing.
If I get served a notice to appear in court...what should I do?
Council with your agent and attorney. It all depends on how far along you are in the process.
|