Do you owe more on your house then it is worth & you just don't know what in the world you are going to do -- or know who to turn to??? Let me help you ..... If you are one of the many homeowners who have fallen behind on your mortgage payments and you don't see any way to avoid foreclosure, a short sale may offer you the least painful way to resolve the situation.
Let me help you not get a foreclosure .. we can see if you qualify for a short sale ... it is better then walking away thinking that if you don't think about it a foreclosure won't happen ... it will and it could be devistating for years to come ... call me lets's talk about it ... anything you tell me will be kept confidential and I will do my best to help you out of your situation ... call me on my cell at 386-931-6277 What is a Short Sale ? Short Sale Definition: Simply put, a Short Sale occurs when a homes market value is less then the outstanding mortgage debt plus sales costs (sometimes called an "upside down Mortgage"). In order for a Short Sale to actually close, the mortgage bank(s) must agree to write-off a portion of the outstanding loan debt.
What's in it for a seller?
Obviously, the ideal scenario would be that you magically catch up on your mortgage payments and keep your home. But for an increasing number of Americans, that is not a realistic possibility, so it's to your advantage to take an active role. This is what a short sale is all about -- resolving the problem, as opposed to simply hiding from your lender and hoping the issue will go away or, worse, walking away from the property.
As a seller, there are cons to a short sale. Obviously, you will lose your home -- but that will happen anyway when the bank forecloses. You will also walk away without a cent in profit from the sale. And, your credit score will take a major hit. However, because you are making a good faith effort, the lender may look more favorably on you, and perhaps be willing to help minimize the damage to your credit score. You are also spared the stress and embarrassment of a long drawn-out foreclosure process. That's may allow you to feel more in control and that you have a more direct role in paying off part of the debt. Remember, too, that every short sale is a negotiated agreement between the owner and the lender. In a foreclosure, the lender can always pursue the seller for a deficiency judgment to recoup the difference between what it was owed and what it actually collected. In a short sale you may be able to get the lender to accept the sale as "payment in full without pursuit of any deficiency judgment." The lender might agree to that release in return for the seller showing the home, maintaining it as well as possible and not trashing it on the way out.
Why Would a Mortgage Bank Consider a Short Sale ? Lenders often entertain such an option for in the long run, they will usually receive a higher percentage of their principal back as compared to forcing the property into Foreclosure. In a Foreclosure, the Mortgage Bank runs the risk of property neglect or damage, and additional delays and costs, and other market losses.
Today, most Florida lenders won't commit to a Short Sale until their is a valid and firm purchase offer in hand from a qualified new buyer, and a knowledgeable broker/agent who can negotiate the deal. It's imperative to work with an experienced real estate agent for they will need to prepare a professional and complete Short Sale package. How is a Short Sale Negotiated with a Mortgage Bank: Short Sales are one of the most difficult and complicated residential transactions. Compared to a normal sale, these transactions require additional paperwork, intricate negotiations with the mortgage banker(s), and careful preparation of the process and purchase offer. A Short Sale package typically includes: a purchase offer contract, buyers loan qualifications, a realistic and detailed analysis of the fair market value of the home, current local real estate market conditions, seller financial information, seller hardship letter and more. Basically, the Short Sale real estate professional must demonstrate to the mortgage bank(s) that the home is upside down, the purchase offer is fair and just, and the homeowner has a financial hardship worthy of a short sale. This financial hardship can be due to job layoffs, illnesses, divorce, or even the unexpected large increase in mortgage payments due to interest rate resets and numerous other things. What's Causing the high volume of Short Sales in the Florida Real Estate Market ? Today, the "upside down Mortgages" in Florida are due mostly to the risky, highly leveraged loans that were extensively used over the past 7 years to purchase homes with little or nothing down. Worse yet, many of these loans were adjustable rate loans, or negative amortization loans in which the loan balance gets higher every month. In addition, Florida home prices have decreased by as much as 35% to 45% in some areas. These factors are causing many home owners to consider a Short Sale to solve their financial crisis. The result is, there are 1,000's upon 1,000's of Florida homeowners who are upside down on their mortgage loan by then of thousands of dollars, and can no longer afford their mortgage payment. Please give me a call TODAY, so I can begin to help you TOMORROW. Call direct at: 386-931-6277 I am very easy to talk to. I will keep the conversation and your situation in strict confidence. I know that this is a difficult time, but I can help you!! If you prefer, contact me by filling out the form below. |