Short Sales
With today's financial environment, many homeowners are facing the possibility of losing their home by foreclosure by their bank. The foreclosure rate is soaring in many areas of the country. There are options for homeowners facing this dilemma.
A "SHORT SALE" is at No Cost To You Our Fees are covered by The Lender.
When a homeowner is unable to make payments on their mortgage loan, the lender is faced with no other alternative but to begin foreclosure proceedings. What many homeowners are not aware of, is that the lender does not WANT your home. However, prudent business practice requires that loan to perform for the lender. Also, they are not in the house ownership business! They really don't have the staff or financial resources to keep all of those houses. They are in the lending business!
If the lender doesn't want to own the houses, he needs to look at alternatives to foreclosing against YOUR home! One option lenders have today is to assist the homeowner to sell their home by forgiving a portion of the mortgage balance.
When a homeowner is in a distressed situation and the offer that is submitted does not cover the expenses to sell the home and pay the lender, the seller may ask the bank to take a 'short payoff' on the loan. This means they will accept less than what is owed. Sometimes, lenders/mortgage companies agree to do this because they do not want to own the homes - they are in the lending business.
A bank is not required to accept a short payoff!
There are numerous factors to be considered by a lender and our team is experienced in assisting a homeowner with selling their properties utilizing a 'short sale' method. Working with these lenders takes knowledge of the requirements and policies of the various lenders. Don't expect a lender to accept a short sale discount, just because it sounds good to you. There are numerous activities to be completed by you to encourage the lender to understand that a pre-foreclosure SHORT SALE is their best option.
I know there are questions about the process. Frequently asked questions are about your credit rating or if you can profit from a short sale. We can explain the process to you and complete the documents required for a short sale package.
Many of you want to know where in the pre-foreclosure process can we do a short sale. There are equity issues as well as questions about the clauses and terms you may have been told by your lender.
If you have questions or need additional information, please contact our team to assist you with the right decision for your situation. Allow us to help alleviate the stress you are feeling right now by educating you on the process of a SHORT SALE.
Remember this Service is at NO EXPENSE to You....
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