Help Negotiating Short Sale
For those of you not familiar with a Short Sale of a property, I'm here to help! A Short Sale is a good option for a property owner that has a mortgage on their property that has negative equity. In simple terms you own more money than the property is worth. Typically this happens when there is a decrease in values from the time you bought it. Or if you refinanced the property based on a higher value than when you purchased the property and the values have gone down. The new loan you took out may have been an introductory rate for 3-5 years now your interest rate is higher there for you can't afford your payments any more. Will the current economy the cost of everything has gone up except your paychecks!
Many of you have already stopped paying your bills including you mortgage and fear foreclosure of your home. You may also feel bankruptcy is your only answer if you go to foreclosure since most banks will file a deficiency judgment against you.
I have an option for you it's called a Short Sale!
This is when a lender accepts less than what is owned on your mortgage. This is a long process it can take several months to get approved. So it imperative to get in touch with me as soon as you know you will not be able to continue with your payments. Since during the same time we are trying to sell the property the lenders collections department will continue to try to collect on the debt and finally foreclose on it. The banks are willing to do short sales as long as you meet the criteria and the contract on the house is close to market value. To qualify you need to show the lender your hardship.
We would work together to complete all the required paperwork and list the property for fair market value. Once approved the bank will release the lien and allow you to sell the property and agree to take it as payment in full a satisfied. In some cases they will ask the seller to contribute some funds or sign a note at a negotiated amount to get the transaction completed. But I do my best to not have this happen.
You may say if they want me to sign a note or bring cash to closing then forget it! This is not always the best way to protect your future. If you don't get the short sale done and you go to for closure then you would be at risk for the deficiency judgment of what you owe and will be forced to bankruptcy.
Understand the process is different for different banks and the only way to get it done is move ahead!!!
You can't afford not to work with a expert in negotiating short sale, I personally deal with all banks on your behalf and it won't cost you anything call 1-866-928-3737