Form 90045 - Pre-Foreclosure Sale Procedure- Cedar Park- Leander Texas

If you are a distressed homeowner in the Cedar Park, Leander or Round Rock area of Texas, there is help out there. When you've think that you have exhausted your resources to keep your home and you've come to the conclusion that you have to sell, there are things that you can do. One of them is a Short Sale.

First you have to qualify for a Short Sale. How do you qualify?

1. First you have to have a financial hardship. That is a change in your financial condition from the day you mortgage was signed and today that affects your ability to pay the mortgage. Examples are :

• Job Loss, or pay adjustment
• Health issues
• Death in the family
• Business failure

2. The lender is going to want to see that you cannot afford to pay. In order to do that, you will need to provide copies of your tax returns, your pay stubs, bank statements, and prepare a monthly financial worksheet which lists your expenses for the month. Depending on your type of loan and the mortgage lender there can be different items that you will need to provide

3. You will need to demonstrate that you do not have the means to pay down or pay off your mortgage. You don't have file bankruptcy just demonstrate that you can't meet your obligation and have no resources to do so.

Today I received a form 90045 for one of my clients. What is that? It's an approval to participate in the Pre-foreclosure Sale Procedure. It gives me 4 months to sell the property and it tells me in advance what the net proceeds have to be on any offer I receive on the property. My client knows that they will not be foreclosed during this process and if I am successful, the lender will give them a financial incentive to close the property.

If you find yourself in this situation, please give me a call, I can help or I can refer you to someone in your area that can help you. Don't wait until it is too late.