Sean K. Langston

We just helped save another homeowner from foreclosure in Charlotte! It is always rewarding to save a homeowner from foreclosure. Especially when a homeowner thought they had no alternative to a foreclosure.

Initially when our client reached out to us he was ready to throw the towel in. After several failed modification attempts and a foreclosure date weeks away he felt he had no options. Finally he got in touch with one of our Shortsale Specialists and we reviewed his situation and quickly went to work.

We marketed the house and got it under contract in less than a week. We were able to get bank approval on the Shortsale in Charlotte in 3 weeks. We closed on the house in less than 60 days and the sellers were able to move on with their lives.

See Testimonial Below:

I am writing to recommend the services of Sean Langston, ABR, SFR CDPE with RE/MAX EXECUTIVE. Sean has been working with us for the past few months as our real estate agent specializing in short sales. His knowledge and attention to detail have made it possible to successfully sell our home in record time. Our house went under contract within only a week of it being listed! This lifted a major financial burden off of us in this recent housing recession.

I feel extremely confident in recommending Sean's services. He is not only thorough, but also easy to work with, and always willing to take the time to discuss any concerns and respond to questions.

If you have any further questions, please feel free to contact me.

Regards,

M. Savaria

If you need help with your Shortsale in Charlotte please contact a Charlotte Shortsale Specialist.

We just helped save another homeowner from foreclosure in Charlotte! It is always rewarding to save a homeowner from foreclosure. Especially when a homeowner thought they had no alternative to a foreclosure.

This loan was with Wells Fargo and it was a FHA loan. She was a single mother who had some major expenses to come up that put her off track on her bills. She reached out to us in a last ditch effort to get some advice. After looking at her situation we determined that she was eligible to do a shortsale.

We just closed on her house selling it to a buyer that was extremely happy. She owed about 170k and the bank settled for 90k. That is over 80k in forgiveness of debt. The lender also waived it's right to pursue a deficiency judgment which was really great! She was so happy and overjoyed. I love when we can help save someone from foreclosure in Charlotte through a Shortsale.

If you need help with your Shortsale in Charlotte please contact a Charlotte Shortsale Specialist.

Also another happy buyer:

Sean,

I just wanted to say "Thank You" so much for your time and patience. I really appreciate you taking the time with Brennan and Daryl. It meant so much to me that they were able to come to you if they needed anything. As a mother, that make it a lot easier to let go and let them become men when I know they have someone like you around. You are a true professional and I am glad I had the pleasure of working with you.

E. Cooper

The Affect of Shortsale VS. Foreclosure on Your Credit Score. That is always the big question I get from clients. "Will I have to pay the difference between what I owe on the house and the final shortsale price" is another big question.

Well, I always tell my clients that 9 times out of 10 a shortsale is better than a foreclosure. A foreclosure will keep you from buying another house for at least another 7 years. Most people that have completed a shortsale can buy in about 3 years. Also, the word foreclosure is actually on your credit report. In a shortsale, it usually appears as "paid in full" or "settled for less than owed". Those two terms do not have as bad of a stigma as the word "Foreclosure" on your credit report. It is important that you choose a Charlotte Shortsale Specialist when you need to shortsale your house in Charlotte. You want to make sure you do not owe a deficiency balance.

There was a recent article posted in The New York Times on 4/24/11 that shows the Affect of Shortsale VS. Foreclosure on Your Credit Score. See the excerpt:

How a Credit Score Is Affected

FICO evaluated three various scenarios of mortgage holders - a borrower with a great credit score (780), a borrower with good credit (720), and a poor credit borrower (680) - in a study it conducted last month. Here's the impact FICO found:

▪ 30 days late on a mortgage payment: The 780 credit score borrower has her credit score fall to 670-690. The 720 credit score borrower has his fall to 630-650. The 680 credit score borrower falls to 600-620.
▪ Short sale, deed in lieu of foreclosure, or settlement, assuming the balance has been wiped out: The 780 credit score borrower falls to 655-675; the 720 credit score falls to 605-625; and the 680 credit score drops to 610-630.
▪ Foreclosure, or short sale with a deficiency balance owed: The 780 credit score drops to 620-640; the 720 credit score falls to 570-590; and the 680 credit score decreases to 575-595.

Source: "Fallout From a Poor Credit Score," The New York Times (April 24, 2011)

Wow! Look at the difference between the person with no deficiency balance owed and the person who does owe a balance. There is about a 35 point difference between the two. If the initial credit score is lower than the 680 they have in the example; the difference would be even greater! It is important that you choose a Charlotte Shortsale Specialist when you need to shortsale your house in Charlotte. They always make sure their clients will not owe a deficiency balance after their Shortsale in Charlotte.

Short Sale Myths by a Shortsale Specialist in Charlotte

A short sale can be an excellent solution for homeowners who must sell and owe more on

their homes than they are worth. Unfortunately, a number of myths about short sales have

developed, and it is important to understand the reality of this process should you find it

meets your current needs.

Myth #1 The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to

foreclose on your property because the foreclosure process is incredibly costly. Banks,

investors, and even the federal government have all publicly stated that if a person is

qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive

more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

1. Financial Hardship There is a situation causing

you to have trouble affording your mortgage.

2. Monthly Income Shortfall

A lender will want to see that you

cannot afford, or soon will not be able to afford your

mortgage.

3. Insolvency The lender will want to see that you do

not have significant liquid assets that would allow you

to pay down your mortgage.

Myth #2 You Must Be Behind on Your Mortgage to

Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable

hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford

your mortgage, act immediately. Any delay could limit your options. Do not wait until the

countdown clock to foreclosure has started and you have even less time left.

Myth #3 There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that

foreclosure is a process, and that there is time to make decisions that may result in better

outcomes.

The foreclosing party in most cases a lender can stall a foreclosure up to the final day of

the process. Today, many lenders will stall a foreclosure with as little as a phone call from

you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with

a legitimate contract. For real estate professionals who understand foreclosures and short

sales, there is time available until the foreclosure process is complete.

Myth #4 Listing My Home as a Short Sale is an Embarrassment

It is understandable to have reservations about letting the world know that you owe more

on your home than it is worth. However, according to recent estimates, more than one out

of eight homeowners in the U.S. is in the same situation. You are to be congratulated for

admitting you need help, taking action, and finding a professional who can work with you

toward a solution.

With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you

are not alone.

Myth #5 Short Sales are Impossible and Never Get Approved

This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a

homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.

For example, agents with the Certified Distressed Property Expert® (CDPE) Designation

receive thousands of short sale approvals on a monthly basis. These professionals have

undergone extensive training in methods to help homeowners in distress and process short

sales. While there are no guarantees in any transaction, more and more short sales are

being approved regularly. This is far from an impossible process.

Myth #6 Banks are Waiting on a Bailout and Not Accepting Short Sales

You may have heard this, but the reality is that banks (and the U.S. government) are trying

to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous

to believe they would deny a short sale in hopes that some future legislation would pass and

pay them for losses.

Today, more banks are aggressively pursuing short sales and working with agents who

understand how to process them.

Myth #7 Buyers are Not Interested in Short Sale Propertieshis is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales. Specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

In conclusion,

A Shortsale Specialist with the CDPE Designation has been trained in all aspects of the

short sale process, and know how to deal with the parties involved in foreclosures. Finding a

CDPE can explain what options you have, and get you on the path to recovery.

Courtesy CDPE. www.charlotteshortsales.com

Any homeowner that is considering a shortsale needs to know what to expect during the process. First of all make sure you have an agent that understands shortsales. It always helps if you select an agent that has some type of certification in shortsales. There are two certifications in particular that you should look for. One is CDPE( Certified Distressed Property Expert) and SFR(Shortsale and Foreclosure Resource). Also make sure they specialize in Shortsales.

Once a shortsale is initiated with the bank they will request a complete shortsale package. I posted about this in my last shortsale blog. Once the complete package is submitted to the bank with a contract, they will review it for approval or rejection. The review process can take anywhere from 30 -120 days on average, sometimes longer. During this time everyone involved in the transaction has to be patient. If the bank approves the shortsale, then all parties involved need to be ready close within 30 days. That is how long the bank usually gives for approval and closing the file. If you have an agent that is a Shortsale Specialist then you can successfully close a shortsale transaction and move on with your life.

It is not impossible to complete a shortsale when you have the right agent and right team in your corner.

www.charlotteshortsales.com