What is a short sale?
A short sale is a sale in which the purchase price, which the motgage holder would have to agree to, is less than what the seller owes. My job is to stay on top of everything so you don't have to! Contact me for more information on how I can help.
Qualifications for a short sale
You need to owe more than the actual worth of the home. You need to be having trouble with month to month expenses (Hardship). You can't have enough money saved to pay off the difference between what the house would sell for and what you owe. And, usually, you must be late on at least one month payment.
How I can help
The first step towards a short sale is to list your home for sale. During that time period, I will be asking for you to provide documents including but not limited to your last two years tax returns, pay stubs, bank statements etc...I will put together a package for the lender supporting why you need to sell short. I will present this to the lender once we have an accepted purchase offer on your home. The offer will be contingent on lender approval.
So In a nutshell:
1. I will be gathering financial information.
2. I will contact lenders on you behalf.
3. I handle all the stress of taking offers on your property.
4. You pay me nothing. The mortgage company pay closing costs etc...
There may be other options to explore!
1. Repayment Plan: Some banks will work on a payment plan if you have missed payments because of loss of work etc...
2. Forbearance: You may be able to reduce or suspend your mortgage payments for a short period of time.
3. Loan Modification: You may be able to negotiate a modification to one or more of the terms of your mortgage.
IMPORTANT NOTE:
Taking the first step by calling me may save your credit from Foreclosure! That can stay on your credit for years and will make it very difficult for you to get another loan. A short sale will reduce the damage to your credit substantially. With a foreclosure, your credit card interest rates increases and even getting a quality higher paying job is out of the questions for some with foreclosure. YOU SHOULD CONSULT YOUR CPA TO LEARN IF YOU WILL HAVE ANY TAX LIABILITIES IN EITHER SITUATION.