SHORT SALES AND FORECLOSURES

FORECLOSURES

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FORECLOSURE INFORMATION

Foreclosure is the process used by mortgage holders to take possession of properties with mortgages from borrowers who are in default from paying the mortgage.

When a home owner stops making the monthly mortgage payments this will be consider as a “pre foreclosure period”. Depending on the state, mortgage holder, etc the foreclosure will start sometime after 120 days of being past due on the mortgage payment.

 

SHORT SALES

Anyone could face financial hardships, when this occurs and you have a property for which you have to make monthly payments that you cannot afford any longer and the current market value of your property is lower than the amount of your mortgage or mortgages owed you are in risk of losing your property if you stop making payments then the lender could foreclose on your property.

Common questions:

  • Are you facing a financial hardship and having difficulty making monthly payments on your mortgage?
  • Are you behind on your mortgage payments?
  • Is the current market value of your property below the amount you owe to the mortgage lender or lenders?
  • Are you facing a possible foreclosure on your property?
  • Struggling to refinance or modify your current mortgage loan?

The short sale option may be the best solution for your situation. With our great experience in Real Estate we have closed several short sale transactions with different lenders and servicers successfully­­―giving the chance to people to get back on their feet financially.

Our consultation is free, and the short sale process is free also. We are here 24/7 to help you. Contact us now!

What is a short sale?

A short sale is process where a mortgage lender accepts a lower balance in order to sell a property. This is a good option for homeowners who are having financial problems and can’t afford to make the monthly payments of a mortgage.

When must I do a short sale?

When you can’t afford to make the payments on your property the first thing to do is try to do a loan modification. If this does not work then you can start the process of short sale with a realtor with experience to guide you through the process.

What do I need to start the short sale process?

You will need to prove to the lender that you are facing a hardship in order for them to consider the short sale. Usually, they will ask for the following documentation:

Hardship explanation letter.

  • Last 2 years of Tax returns.
  • Last 4 pay stubs, or a profit and loss statement in case you are self-employed.
  • Last 2 bank statements of all your bank accounts.
  • List of monthly income and expenses.
  • Third Party authorization letter.

How is the short sale process?

The short sale process usually has the following steps:

  • Gather all the documentation needed.
  • Contact the lender or lenders to let them know that you want to initiate a short sale process and provide a third-party authorization for the short sale specialists you hired to conduct the process.
  • The short sale specialists will carefully prepare all the documentation and forms needed for the lender to process the short sale.
  • Put the property for sale on the market.
  • Offer/s submission to the lender/s.
  • Negotiation with lender.
  • Go to Settlement or Closing of the transaction.

What are the benefits of a short sale?

A short sale can be very beneficial for your financial situation:

  • Pay off or reduce the current mortgage debt.
  • Save your credit from getting damaged for years.
  • Your credit score can improve in as little as 3 months.
  • You can buy another property in 2 years after the closing or deed transfer of the short sale.
  • You might get some money for your moving and relocation expenses.
  • Don’t pay any money to sell your property in a short sale.