Short Sale Perspective
What exactly is a short sale???
Well, in a nutshell a short sale is when the value of a house is less than the amount owed on the property. For example if you owe $200,00 on you home and the current market value is $150,000 and if you sold your house for $150,000 and were not able to make up the difference at closing, then you would submit your request to your bank for approval of a short sale.
How do I know if I qualify for a short sale?
While there are many factors in qualifying for a short sale, there are some that are standard across the board. The most important factor is that you must be able to prove some sort of hardship or inability to continue to pay your mortgage now or in the near future. There must be a loss of income, job loss, interest rate adjustment, job transfer, divorce or some factor that creates a hardship.
The qualification process can be complex and will vary between each families situation. I can help you determine whether a short sale may be an option for you. No cost, no obligation. We can talk initially in person or over the phone. It is important that I understand exactly what your situation is and where you are coming from. That will help me determine what the proper course of action is for you. Your inquiry is confidential and my goal is to help you and your family avoid foreclosure if at all possible.
Will my lender accept a short sale?
Most lenders will consider a short sale if it makes sense. While lenders are not jumping up and down over short sales, they do know that a foreclosure will cost them significantly more in most cases. Believe it or not, the banks want our housing market to recover just as much as we do. Many times it is in the best interest of everyone involved to pursue a short sale...including the banks!
What are the fees for a short sale?
Unlike many of the loan modification companies I do not charge any upfront fees to list your home. The broker fees (commissions) are paid through the closing as part of the short sale. Your lender will will actually be paying the fees for you to sell you home. While there are never any guarantees that a short sale will be successful, I have a vested interest in getting the job done to the best of my ability.
What is my next step if I want to sell my house in a short sale?
The next step is to email or call me so we can talk in detail about your situation and decide if a short sale is right for you.
What other options do I have besides short sale?
The current housing market and financial crisis has caused untold stress and heartache for many American families...here in Arizona we have been hit extremely hard. If you are not in trouble yourself you likely know someone who is. There are many options for those who are in trouble. It is important to consult with a professional who you can trust and who has YOUR best interest at heart. Times like these bring out many people who want to cash in on someone else's troubles...make sure you choose your professional carefully.
Some of your options are:
Reinstatement: Paying up or catching up on the total amount owed. This solution is a difficult one when you are already experience a financial hardship, however this one does not require approval and can be done up to the day before the final foreclosure sale.
Forbearance or Repayment Plan: This involves negotiating with the mortgage company to allow them to repay back payments over a period of time.
Mortgage Modification: This is a modification of your current terms of your mortgage. Possibly a reduction of interest rate, changes in the terms of the loan, principle balance or a combination of any of these. The goal in a modification is a reduction in your monthly payment, either permanent or temporary. This process involves working with your mortgage company and submitting documentation to prove your need for a modification. Much like a short sale, this process is lengthy and will require patience and cooperation.
Rent the property: If your mortgage payment is low enough you may be able to rent your property.
Deed in lieu of foreclosure: Also know as a "friendly foreclosure", a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required and it is important to seek legal advice when choosing this option. While it may seem like the easy way out, depending on your situation and your agreement with your lender you may still be liable for the deficiency.
Bankruptcy: This may be beneficial and a viable solution in some situations. Again, be sure to seek competent legal advice before making your final decision. I can refer you to a professional in this area.
Sell the property: Whether you have equity or not, selling your home is an option.
Perspective Real Estate Group is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
Our business is built on referrals, so if you know someone who could benefit from our services please let us know. We will always treat your referrals as if they were our own.
