Short Sale

If your property is worth less than you owe on it (also known as an “upside down” or “underwater”) property, you may be eligible for a short sale.  A short sale is simply the following:  We persuade your bank to accept a lesser amount than you owe as full payment for your loan.  However, the property must be placed for sale and sold for whatever the market will bear.  The process usually works as follows:

 

You can no longer afford the payments on your home and do not (or did not) qualify for a modification.  Since you cannot afford to keep the property, you must sell it, but the property today is worth much less than you owe on your loan.  If you place the property up for sale and receive one or more firm offers, we will then present those offer(s) to your bank as full payment for your loan.  This process requires a skilled hand in showing the lender that it is in their best interest to accept the offer as payment in full for your loan.  As you would imagine, the bank will only accept if you make a good case demonstrating that by accepting the offer they will be minimizing their loss. 

 

The process takes vigorous representation on your behalf and can take some time, but you will have removed yourself from a bad financial situation with as little damage as possible to you and your credit rating.  A delinquent mortgage could negatively affect your credit rating, but with a short sale, you can avoid having a "debt discharged due to foreclosure" on your credit report.  A foreclosure on your credit report is often far more damaging to your credit profile than a short sale.   By minimizing the damage to your credit, you will have preserved your best chances of purchasing another home in the future. 

 

Let our firm help you preserve your credit and your future.  If you are currently behind on your mortgage payments or believe that you soon may be delinquent, we are here to help.  Call today and receive a free consultation.  You don’t have to face foreclosure.  You have options.

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