Are You A Distressed Property Owner?
What Options Do You Have?
If what you owe on your home or investment property is more than it is worth and you can no longer afford to make the monthly payments, you probably have some options. My website is here to provde you with information, and resources, including HUD-certified counselors who can assist you in exploring your options for free.
Whether you want to try and modify your loan to keep your house or wish to speak with a short sale advisor about avoiding foreclosure by selling your home for less than is owed, you will find information here to help you decide.
Request A Free Property Valuation Report, and watch a video that explains the Home Affordable Foreclosure Alternatives Program.
Property owners facing foreclosure do have options.
What Is A Short Sale?
A short sale is when the the lender that is currently servicing your mortgage agrees to take less than the full amount required to pay off existing loans in full because the outstanding loan balance is greater than the property will sell for in the current market.
There is complexity in the details of a short-sale transaction. The terms of the approval are almost always dictated by the lender. Most sellers and many agents think that any approval is a good approval...which is often not the case.
If you are considering a real estate short sale there are things you should know before talking to your lender.
Will Your Lender Really Accept Less Than Is Owed On Your Mortgage?
Knowing why your lender does not want to foreclose on your home is important in the negotiating process. It is typically more costly for the lender to modify your loan than it is to foreclose on the property and try to sell it, or accept a short offer and pay all the associated sales costs.
There is no doubt that your lender would prefer that you stay in your home and continue making payments but, selling it and getting the defaulting loan off their books is frequently their next preference. Many lenders will negotiate short sale terms quite favorable to you, typically allowing you to walk away for free and with zero delinquency judgments.
A successful no cost short sale is possible if you work with the right person to get it done.
Will You Qualify for a Short-Sale?
Has The Market Value Of Your Property Dropped During The Last Few Years?
Whether you are modifying your loan or doing a short sale, hard comparable sales will be used to confirm that your property is worth less than the unpaid balance owed the lender. I will provide a comprehensive property value report designed to determine your properties 30, 60 and 90 day sales price value – the same info your lender will want to see. Register at the top of this page to get your Free Property Value Report to see if a short-sale is right for you.
Are You Currently Behind On Your Payments Or Concerned That You Will Be Soon?
In the past lenders would not consider a loan modification or short sale the payments were current, but that is not necessarily the case anymore. Recognizing that other factors contribute to a potential default, many lenders are willing to get started earlier to try to cut their losses.
Some lenders do not require that you be late on your payments however, you must be able to demonstrate to them (with your hardship letter and financial records) that you are uncertain about your ability to keep making your payments.
Have You Fallen on Tough Financial Times during the recession?
Have you experienced a loss of employment, working less hours, death, divorce or any other obstacle that is hindering your ability to keep up with your monthly payments? You will have to prove financial hardship. If you have answered yes to these questions, you are likely an perfect candidate for a short sale.