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 owner. In a Short Sale, the bank or the mortgage lending institution agrees to discount a loan balance due to financial hardship on the part of the borrower.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 borrower. 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. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.
Homeowners must qualify and be approved for Short Sale.
We always have the homeowners best interest as our #1 focus.
What Are The Benefits of a Short Sale?
- Absolutely NO FEES or cost to you.
- Gets you out from under a major debt that you cannot currently afford – with no future recourse.
- Allows you to stay in your home longer and gives you more control over your ‘move out’ date.
- Unlike a Foreclosure which stays on your credit report up to 10 years, you may be able to purchase a new home within 2 years.
- Judgments, liens and other deficiency amounts may be negotiated while in escrow (including IRS and franchise tax liens).
Comparing Short Sale to Loan Modification:
In a successful Loan Modification, you retain your home; whereas in a successful Short Sale, you no longer own the property upon the close of escrow. It’s vitally important to understand that the bank or mortgage lending institution can deny both. Please watch for brokers and/or attorneys claiming that they have inside connections with the decision makers. These individuals and entities should be reported to the California Department of Real Estate (DRE) and/or The State of California Bar Association. Also stay away from entities or people offering you money to do the short sale as this is illegal. These people will have legal problems and won’t be able to deliver what they promise.Both Short Sale and Loan Modification will affect your credit report and credit score. In most cases, individuals seeking Loan Modification are required to be delinquent on their mortgage which in itself will affect credit scoring significantly. Both options require proof of financial hardship which is often achieved by being delinquent on your mortgage.
We strongly advocate the Short Sale transaction and will likely not advocate Loan Modification until banks and lenders are routinely and, significantly, reducing the principal balance and interest rate. Your individual circumstances will dictate the best possible direction.
For many who purchased at the height of the market, it will be difficult to make their monthly mortgage payment, with or without a reduction due to a loan modification. In some cases, the homeowner can hang on until real estate values stabilize and they eventually return to an equity position, however, that could take a significant amount of time.
A successful Short Sale will cost $0. The effects on your credit will likely be minimal but if you did nothing and allowed a foreclosure to occur, it would ruin your credit for years. With the shrinking credit industry, it is more mindful than ever to protect your credit report and credit score.
Do you meet the qualifications for Short Sale Help?
- Are you in a financial hardship of any kind? This could be caused from relocation, divorce, loss of income or job, major repairs needed without resources to make them, increased bills or increased living expenses
- Are you behind on your mortgage, or facing default or foreclosure?
- Can’t get your home sold due a mortgage balance that is greater than the value of your house?
- Has your mortgage payment depleted all of your savings (if you have one)?
- Are you in any situation where you have to get your home sold!:br;
We are specialized in Short Sale Real Estate throughout the United States helping owners who are in a difficult financial situation, by offering free home owner consultation services as well as free short sale processing. The short sales process is highly specialized, and it is very important to have experienced people on your side who know what needs to be done and how to work them.
Our services are entirely at no out of pocket cost to home owners throughout the United States. Please note that we are here to look out for YOUR best interests.
Services we provide:
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We will discuss your situation and the short sale process in detail, explaining all of your options with you. a short sale is NOT always the best option in every case.- We will gather and fill out all the required forms and documentation and create a comprehensive, complete short sale package to be submitted to your lender in order for them to process the short sale of your home.
- Answer any of your questions you may have throughout the entire process.
- We will work directly with your lenders to negotiate the short sale, and present all required documentation.
- We will process your short sale and sell your home to a buyer quickly from our extensive existing cash buyers database. We will get it SOLD!
- If needed, we usually can also work to delay the foreclosure process while working with your lender, and possibly keep you in your home longer.
- We will work to get you fully forgiven the deficiency with your lender!
The Best part is that your lender will pay all the fees! Contact us for a FREE, confidential, no obligation consultation! Do you qualify?
