ROY Mason

www.SanDiegoRealtyUpdate.com

http://www.vrtechmarketinggroup.com/roy19332/

Click on the Link above for more info, be sure to watch the 1 minute VIDEO. California Home owners be sure to also check out www.SanDiegoRealtyUpdate.com

Borrowers who are facing foreclosure may ask the lender to accept a

discounted payoff on their loan. This is called a "short sale" or "short payoff".

It allows the borrower to avoid a foreclosure action, and may offer the

lender an expedited and less costly resolution of the situation.

Historical trends tell us that the number of short sales has increased when

changing markets soften home prices and leave homeowners with a higher

mortgage interest rate or loan balance. For the consumer, negotiating a

short sale with the lender may seem a daunting task, particularly at a stressful

time when foreclosure looms. A short sale allows the borrower to maintain

a better overall credit record than with a foreclosure. It also allows time

for the homeowner to relocate on a more convenient time table instead of

facing eviction and possibly a deficiency judgment down the road. A short

sale may also help the borrower avoid or minimize a tax liability, although it

is important for the borrower to discuss the situation with a tax advisor to

be sure of the long-term effect.

Most lenders have specific criteria to consider a short sale that relate to the

borrower's ability to repay the debt. Some lenders will consider a short sale

only when the property is distressed or requires extensive work or repairs. If

the lender foreclosed on this type of property, it would have to pay for all

the repairs necessary to sell the property. A short sale ma represent a more

cost-effective way to pay off the loan.

For agents, assisting a homeowner with a short sale means not only a

commission but the satisfaction that comes from helping someone out of a

tough spot. The benefit to the borrower is that the agent can help negotiate

with the lender and field offers from potential buyers as well as collect

the documentation that goes with such a sale.

Consumers are urged to consult their attorney, HUD homeowner counseling

Understanding Short Sales

Roy D Mason

ERA METRO REALTY

San Diego / Hillcrest

Looking to AVOID FORECLOSURE? Sell a short sale? Refinance? Buy a bank owned property or Short sale? Check out the site below

www.SanDiegoRealtyUpdate.com

MY REAL ESTATE AND MORTGAGE WEBSITE www.SanDiegoRealtyUpdate.com

CREDIT REPAIR SITE (also linked to the stite above) www.Ucan2Credit.com/CreditRepairSpecialists

CREDIT PROBLEMS? CANT REFIANCE? BEHIND IN YOUR MORTGAGE?

CALL ME TODAY FOR A FREE CONSULTATION

ROY MASON

REALTOR , LOAN OFFICER AND CREDIT REPAIR REP