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If you are facing a foreclosure or think you
might be in the near future, here are the options you need to
familiarize yourself with. The Short Sale Team, LLC can assist
you with any of these options. MITIGATION OF TERMS This is the procedure for negotiating with your lender(s) for a change in the terms of your loan in order to compensate for a hardship suffered by the homeowner that has led to a delinquency in payments. The homeowner has to want to remain in their home for this option. DEED-IN-LIEU OF FORECLOSURE Otherwise known as a voluntary foreclosure. This option may become desirable if a buyer cannot be found for the property. This option demonstrates good faith to the lender as it would save them the cost of a foreclosure. In order to be considered the property usually has to have been listed for a number of months. If accepted the final disposition of the amount owed the the lender must be negotiated. This option requires the homeowner to vacate the property once approved. SHORT SALE A short sale is defined as when the lender or lenders who hold a lien on the home in question, allow the home to be sold to a buyer for less than the amount that is owed to them. This option requires the homeowner to move out of their property. QUALIFICATIONS FOR A SHORT SALE 1. The home is worth less than what is owed on it. 2. The homeowner does not have the money to make up the difference between the likely sale price of the home and the mortgage balances that would become due in full at closing. 3.The homeowner's income is not sufficient to pay all the bills each month. Either now or in the immediate future. With these three basic conditions in place you are a candidate for a short sale on your property. Other conditions affect the situation and in order to accurately address your exact situation please take a moment click this link Free Consultation and fill our out questionnaire. HOW IT WORKS We use the word team in our company name for a reason. Experience has shown us that by using a team of professionals we can achieve the most consistent results. We will coordinate the short sale of your property from point A to Z. From the start we will work with a licensed real estate broker to list your property. We will review current market conditions and determine the proper starting price of your home. This is crucial to negotiations later in the process. Once a qualified buyer has made a viable offer we assemble the collected documents into the lender's standard package, at this time a preliminary settlement statement is also produced and bundled with the documents to the lender(s). Our full time staff will then follow your package through the short sale department. We coordinate with all parties involved, such as the attorneys, public trustees, title and insurance companies for your Short Sale approval. At every turn we are always seeking your best option. You will be kept informed as the situation develops and of course any important decisions remain in your hands, for you to decide. YOUR CREDIT SCORE AND OBTAINING FUTURE LOANS A foreclosure can stay on your credit report for as long as 7 years and make it impossible to obtain a new mortgage for most of that time. A successful short sale can negatively impact your credit rating to varying degrees depending upon your current credit history. Generally speaking your credit score will recover much more quickly from a short sale vs. a foreclosure. You will also be eligible for a new mortgage sooner. A short sale normally requires a two year wait before you can apply for a new mortgage. A foreclosure requires a five year wait according to the directors of Fannie Mae and Freddie Mac. If you are current with your loan we recommend you keep making payments if you income allows.. Call us and we can explain why it is in your best interest. Please contact us to review your specific situation. Or fill out our form found by clicking this link Free Consultation. WHY USE THE SHORT SALE TEAM? A short sale on a home is a time consuming and often times complicated process. Many of our clients have already contacted the lender themselves and have found this out first hand. As a third party employing professionals to handle the various aspects of this transaction we are positioned in a way that enables maximum success. APPROACHING THE DATE OF YOUR FORECLOSURE SALE? It's always a good idea to allow yourself as much time as possible when conducting a Short Sale on your home. If you're unsure of how much time you have, contact us so we can discuss your personal/individual situation and needs. Laws per state vary and the right to redemption, if applicable, must be understood and considered when making your decision. |
