What Is A Short Sale?

- Saving Homeowners from Foreclosure....One Home at a Time! 

Have you lost your job? Do you have an Adjustable Rate Mortgage that has your interest rate so high you can't make your payments? Are going through a divorce or separation and can't pay your house payment? Are you currently behind on your house payments? Are you considering bankruptcy? Have you been served a pre-foreclosure notice from your mortgage lender?
 

We want to welcome you to the site that could very well be the answer to your foreclosure nightmare!  

What is a Short Sale ? 

A Short Sale occurs when a mortgage company agrees to accept less than what they are owed for an outstanding loan. Mortgage companies would rather agree to a Short Sale than foreclose on the home. A Short Sale allows a homeowner to sell a home even If he owes more than the home sells for. In most cases first mortgage holders will forgive the unpaid balance.  

Do you currently owe more on your property than what it's worth? 

If you can no longer afford your mortgage payment, and owe more than you can sell it for, you may be able to walk sell it for less than you owe, and have the lender forgive the difference! You can get out from under a mountain of debt that you can no longer afford and get a fresh start. 

What are the advantages of a Short Sale? 

•Sell Your Home Quickly and Easily for Market Value 

•Take No money Out of Pocket 

•Avoid Foreclosure & Bankruptcy 

•No Foreclosure on Your Record 

•Potentially Walk Away From Your Home With No Debt And No Tax Consequences - consult with your tax professional to understand the details of your situation. 

How much is this going to cost me? 

•Unlike some companies, we charge absolutely nothing to the homeowner. We are paid by the lien holder or bank if there is a successful closing. 

What is the difference between a Short Sale and a Foreclosure? 

•Current Fannie Mae guidelines allow someone who has participated in a Short Sale to qualify for a new mortgage within 24 months. A foreclosure could prevent you from qualifying for a loan with a competitive interest rate for 7-10 years. 

•With a foreclosure, a public notice is filed and privacy is not maintained.  

•With a foreclosure, a lender may be able to assign a judgement against the homeowner and garnish remaining assets such as bank accounts, income, etc. months or years after foreclosure. With a Short Sale in most cases you can negotiate with first mortgage holders to let you walk away free and clear without any deficiency judgements actions taken. 

Are there any tax consequences? 

•In 2007, The Debt Relief Forgiveness Act and Debt Cancellation was passed. This allows most homeowners to short sell their homes up to 1 million dollars with no tax consequences. Be sure to consult your tax professional for more information about this tax exemption.  

Will I have to move out immediately if the lender agrees to the Short Sale? 

•No, you do not move until the buyer obtains financing and closes on the sale and takes possession. The possession date is set out in the purchase agreement between the buyer and the seller.  

Can any Real Estate Agent handle a Short Sale?
•Technically “Yes” but Short Sales are different than traditional real estate sales. Short Sales have traditionally not been a prevalent part of an Agents previous sales experience. Real Estate brokers and Agents who are very experienced with Short Sales can help get more sales closed faster with fewer problems. We strive to insure that we give our clients the best possible chance of getting the Short Sale approved. 

Can I Short Sale if I missed or am behind on my payments? 

•Yes. You can even short sell a property if you are in default. 

Can I Short Sale if I already received a foreclosure notice? 

•Yes. The lender may postpone the foreclosure sale to give you time to complete a sale to a qualified buyer. 

Can I Short Sale if I have already received a modification from my lender? 

•Yes. 

Can I Short Sale if I have been denied for a modification? 

•Yes. 

Can I Short Sale if I am in the process for a modification? 

•Yes. 

Why would a lender agree to Short Sale and take a loss? 

•It takes time and money to foreclose a property. After the lender pays the attorney fees, court costs, and recording fees, they own the property and have to maintain it until sold. That means they pay for insurance, property taxes, and lawn care etc. If they can work with the homeowner to sell the home without foreclosing, they save thousands of dollars and a lot of time. It is very rare that the lender will sell a property for more than what the house could sell for in a Short Sale. 

If you are reading this and you know you are about to start missing payments please contact us! The sooner you get your home listed the more time we have to get offers that meet the banks thresholds and save you from the dreaded foreclosure.  

If you know someone that is having difficulty making their payments, be a friend and tell them about our services.  

STOP FORECLOSURE! We can help. All information is FREE! Quickly fill out the form below and we'll get you the information you need to make a decision, with NO OBLIGATION to you. As always, we guarantee your privacy!