WHY NOT BANKRUPTY OR FORECLOUSRE?

Most people who in a situation that the home value are less than the current market value and cannot afford to make the monthly payment, think bankruptcy or foreclosure are their only option.  These options destroy credit, cause embarrassment and strip the owner of their dignity.  Consider SHORT SALE.

WHAT IS A SHORT SALE?

A short dale occurs when a property is sold and lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Example:

If the unpaid balance of a loan is $500,000 and the property sells for $400,000 under a short sale the lender might accept $400,000 as payment in full.

WHO IS A CANDIDATE?

Anyone who owns a home whose current market value is less than they owe and cannot afford to make the monthly payment.  Typically they are currently late by at least a month, in which puts them in default.  But that does not always have to be the case.

The most common reasons for default:

• Health IssuesLoan payment increase/Interest rate adjustmentsJob Loss/Laid Off

Not all lenders will accept short sales.  With the information you provide, they will determine if it makes more sense to foreclose.  However, foreclosure is absolutely their last resort.

WHAT TO EXPECT?

If you are involved in a short sale, recognize it will be an UPHILL battle and there are no guarantees.  Saving you credit is worth the battle because.  You can still purchase another home after the short sale with no issues because your credit may not be impacted by the short sale.

WHAT TO DO?

Call us! We will come to your property and go over the process.  REMEMBER, knowledge and preparation will be vital to your success.  We are prepared to initiate the process with you lender.  We are prepared, knowledgeable and have a plan.