My New Blog

In my next series of Blogs, I will deal with a topic that is confronting a number of Home Owners today. A Short Sale of their home. I chose this topic because many of my clients have been asking about it. It is with a heavy heart for the problems I see happening around me that I begin:

Is Your Situation?

Do you owe more than your house is worth?

Are you struggling to make your mortgage payments?

Are the banks unwilling to work with you?

Has your income recently declined?

Have you lost your job or are in fear of losing your job?

Have you had trouble selling your home?

Do you feel like there is no way out?

I Can Help

Making Wise Choices In Troubled Times.

In these trying times, I am dedicated to helping homeowners rise above their challenging circumstances and get a fresh start.

In Real Estate, a short sale is a sale of Real Estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property being sold.

Lenders will be more agreeable to negote a short sale if you are working with a professional Realtor and if your payments are in arrears.

In a short sale, the bank or mortgage lender agrees to discount a loan balance if the reason the loan can’t be paid off is due to a financial or economic hardship. This negotiation is done through communication with a bank's Loss Mitigation Department. 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, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current Real Estate market and the borrower's financial situation.

A short sale typically is entered into to prevent a home foreclosure. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss to the bank than would happen if they foreclose on the property. The main advantage, by negotiating a short sale, is to avoid a foreclosure, which is very very negative on your credit report. Also, the short sale is typically faster and less expensive than a foreclosure.