Are You Facing Foreclosure? Have You Considered a Short Sale?

A short sale is defined as the sale of a home in which the proceeds fall short of what the owner still owes. Lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a foreclosure and the owner is able to pay off the loan for less than what he owes. Why do the lenders do this? Because lenders will lose more if the property goes into foreclosure.

There are three stages in the foreclosure process. They are pre-foreclosure, foreclosure and post– foreclosure. The pre-foreclosure stage is the only stage where a seller wants to be. With the help of a Realtor that is trained in short sales, the homeowner will be able to purchase another property in as little as 18 months, with a good rate!

Remember, lenders do not want your property. With over 1 million properties expected to be in foreclosure this year, the difference in losses to be sustained by lenders between a negotiated short sale and a fully executed foreclosure is estimated to be in excess of $50 Billion. Contact me so I can help you negotiate with your lender, therefore making the transition smoother so you can get on with your life.