Short Sale

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What is a Short Sale?

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.

Process

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is "doing the other a favor;" a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than foreclosure or continued non-payment would entail. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure.

Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority have pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal or Broker Price Opinion.

Lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from the 2009 foreclosure crisis, they are now more willing to accept short sales than ever before. This presents an opportunity for "under-water" borrowers who owe more on their mortgage than their property is worth and are having trouble selling to avoid foreclosure as a result.

If your mortgage payment is past due you may be headed toward foreclosure, or perhaps you are already in foreclosure, in either case you need to know your rights and the options that are available to you. Only then can you save your house, save your credit or save your equity before it's gone forever.

As soon as you are behind on your mortgage, the countdown to foreclosure begins. The sooner you decide on a course of action, the more cash you and your family can pull out of your house, and the better chance you'll have of stopping the bank from stealing your home.

Can you find enough cash to cure the
default and stay in your home?

There are several creative ways to do this if your financial situation has improved and you now feel you can afford the mortgage payments. However, if you decide to sell your house, you may be able to get cash for your equity in as little as 7 days!

Can you get a new mortgage?

You'll need to borrow enough to payoff what's owed to your current lender PLUS the back payments PLUS late fees PLUS attorneys fees PLUS all the closing costs to get a new loan. If you're able to realistically commit to a larger mortgage obligation, this may be an option worth exploring.

Should you sell your house now?

Whether you decide to sell your home on the open market or you just want to receive cash for your equity in as little as 7 days, our free information will show you how. There's no need to go through the uncertainty of trying to sell it yourself. There's no need to spend money fixing up your house to please a picky buyer because you’ll learn:

• How to sell your house "as is"
• How to choose your closing date
• How to get cash for your equity in as little as 7 days
• How to avoid complex contracts and paperwork

But you must act quickly because your available options shrink with each passing day. By acting now, you can salvage the most amount of money out of your home.

The single largest reason to take action is to avoid a foreclosure on your record. You can determine which option is best for you and your family, be it reinstating your loan, refinancing your debt or selling your house. But at a bare minimum, avoiding foreclosure should be your absolute top priority. By saving your credit, you won't have to experience the frustration of trying to get a future mortgage, rent a nice house or apartment, or even get a fair insurance quote when you have severely damaged credit.

Know that even after your bank forecloses on your home, you'll always have a foreclosure hanging over your head, coloring the opinions of what others think of you. All mortgage applications currently ask if you've EVER had a foreclosure. You'll have to say "YES" for the rest of your life… unless you avoid it right now by discovering your options and taking positive action today.

Do you feel a foreclosure can't be stopped,
and that your situation is beyond hope?

In most situations this is just NOT the case and your equity can actually be saved. Even if you have little to no equity, or even negative equity, it still may be possible to negotiate with your lender, possibly generating enough cash to give you something, rather than nothing.

In fact, if you have the ability to pay more than you're obligated to pay each month now (perhaps because the financial setback you experienced was temporary) it's possible to negotiate a plan with your lender to keep you in your home and get you back on track.

But know this… less than 10% of the families who are facing foreclosure are able to save their home by agreeing to pay MORE each month, so it may be in your best interest to explore your options for selling quickly at no expense to you.

When you decide to sell, you'll need a new place to live. Maybe you can stay with friends or family, or maybe find a new place of your own.

Damaged credit will limit where you can move. Landlords and lenders will look closely at your ability to keep up with your financial obligations. Perhaps you can move to a less expensive home with flexible seller financing. It is also possible to trade properties. Fill out the form below, click “submit” to receive FREE no obligation information on how you can stop foreclosure today!

Are you thinking of filing bankruptcy?

Some homeowners consider filing bankruptcy to stop a foreclosure. But it won't. It only delays it while the amount owed grows to an unrecoverable amount. Know that the bank that loaned you the money for your house will get their money, or your house. They're a secured creditor. Bankruptcy will never wipe out your mortgage debt. You cannot avoid foreclosure by filing bankruptcy.

Should you do nothing and wait?

Some borrowers even think they'll benefit from "free rent" until the bank hires the local sheriff to throw them out. But wouldn't you rather have debt relief, emotional relief and some seed money to start fresh in a new home or apartment? And remember… you absolutely want to keep foreclosure off your credit report at all costs.

Equity in real estate takes years to build but it can be wiped out in a single day once your house is sold at public auction. What’s worse is that your lender retains the right to come after you for any balance still owed should the proceeds of the foreclosure sale fail to satisfy the debt in full! You need to know ALL the options you have available NOW. Only then will you be able to make an informed decision based on real facts, not wishful thinking.

Simply fill out the form below to receive FREE no obligation information on how you can stop foreclosure today!

Your personal information will be held in strict confidence. You’ll learn how to:

• Raise the money needed to cure your default, or...
• Secure a new loan, or...
• Renegotiate your obligation with the lender and keep your home, or...
• Receive a firm cash offer to purchase your home "as is" in as little as 7 days, or...
• Sell your home quickly on the open market.

It is not recommended that you try to sell your house on your own unless your loan is current and you have time to test the market. Bankruptcy should always be used as a last resort because it rarely produces the result home owners expect or hope for.

It is recommended that you explore ways to get your loan current and/or stop foreclosure.

Time for a fresh start and a brighter future...

Put an end to the stress and emotional hardship you may be experiencing right now. Sure, you may find an answer on your own, but don’t you owe it to yourself and perhaps your family to get all the help you can use right NOW?

Will you take the next step?

If you’d like to receive a FREE no obligation report called "Options for Homeowners" along with additional information on how to stop foreclosure as well as find out about all the other options that are available to you, simply complete the online form below and click “submit”.