Short Sale Service & Pre-Foreclosure Help
Due to the recent economic downturn in the U.S., many homeowners are losing their homes to foreclosure and many more are falling behind on their payments.
Don't let this happen to you. There may be a solution and help for homeowners that take the right action. One of the actions you can take is to contact me, a short sale specialist, who can try and negotiate a successful short sale with your lender today and save your credit.
If you are headed toward foreclosure, you need to know your options. Once you get behind on your mortgage, the clock is ticking. The sooner you decide your course of action, the better chance you'll have at stopping the bank from foreclosing.
Understanding a short sale
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. 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.
In a short sale, the bank or mortgage lender agrees to discount a loan
balance because of an economic or financial hardship on the part of the
borrower. 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. Neither side is "doing the other a favor;" a
short sale is simply the most economical solution to a problem. Banks
will incur a smaller financial loss than foreclosure or continued
non-payment would entail. Borrowers are able to mitigate damage to
their credit history,
and partially control the debt. A short sale is typically faster and
less expensive than a foreclosure. It does not extinguish the remaining
balance unless settlement is clearly indicated on the acceptance of
offer.
Why should I do a short sale
A short sale represents a solution for a homeowner who cannot pay his mortgage payment, due to some type of real hardship. It is often a better option than a foreclosure or bankruptcy declaration.*
Benefits of a Short Sale
*If you have any equity, it will be retained.
*You will avoid having a foreclosure on your credit report.
*Avoid the humiliation of a public sale.
*You will be completing your original commitment with integrity.
*Lender may postpone foreclosure proceedings if they know you are actively trying to sell your home.
Sheri Maar, Short Sale Specialist
The Rob Campbell Team
Re/Max Select REALTORS
1290 N. State Road 135
Greenwood, IN 46142
(317) 859-3452
sherimaar@yahoo.com
You should consult with your attorney and/or accountant before acting upon any information contained herein. If legal advise is required, the services of a competent professional should be retained. Your individual situation may not fit the generalizations discussed.
