Would a Short Sale be a Viable Option for You?

 If the homeowner is unable to structure a workout, repayment plan or a forbearance agreement with the foreclosing lender, then a short sale is the next best option.

 What is a short sale? A short sale takes place any time a property is sold for less than the mortgage balances and the foreclosing lender allows the transfer to take place even though they do not receive their full payoff balance.

 The Benefits of a Short Sale

 1) Be aware that Fannie Mae recently established a 2-year elapsed time period for re-establishing credit for homeowners who sell their homes through a short sale. Two years may seem like a long time to wait before they can begin to be able to get a new loan, but compare this to what happens if the homeowner is foreclosed upon. According to the Fannie Mae guidelines, effective May 31, 2008, a homeowner who has filed a foreclosure against them will be “ineligible” for a loan for five years. 

 Did you see that?  FIVE YEARS!

 Two years or five years…? That’s something definitely worth considering.

2) Another benefit involves circumventing a possible deficiency judgment.  When a house is sold at auction, the chances of the foreclosing lender filing a deficiency judgment increases dramatically.  Our Office is in the business of helping homeowners short sale their property, but often the negotiation process used to achieve a short sale with the bank gives the homeowner his or her only shot at avoiding a deficiency judgment.

 In some cases we are able to negotiate an approval as a settlement in full from the lender. This means the homeowner will not have to worry about a potential deficiency judgement.

 3) We do not charge a fee for our service. Never ever work with a “foreclosure consultant” who charges an upfront fee for processing a workout plan, repayment plan, forbearance agreement or short sale.

 4) When selling a property using a short sale the homeowner will not have a “foreclosure” on their credit report. If a homeowner elects to do a deed-in-lieu or just let the property go to foreclosure they will significantly damage their credit. A short sale will save them from this damaging report to the credit bureaus.

 5) Selling a property using a short sale will often remove the heavy financial burden of the foreclosure. This will also help the homeowner avoid having to file a Chapter 7 bankruptcy which will also help save their credit from further damage.

 Again, as professional educated in short sales we offer homeowners a way out of default or pending foreclosure, homeowners may avoid the long term harm of a deficiency judgment, a bankruptcy, a 1099, any processing fees, and the inability to be approved for a loan for years to come.

 Truly selling the property is the best option when a homeowner is in default and has no equity.

 Do Not Let Your Property Go To Foreclosure . . . That Just May Be The Worst Possible Decision You Could Make.

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