Short Sale Negotiations
Frequently Asked Questions
What is a short sale?A real estate short sale, or quick sale, is a negotiation between a homeowner and their mortgage lender for the lender to accept less than they are owed for an outstanding loan. In exchange the house is sold to a third party and the home is not put into foreclosure. This is beneficial to the lenders because foreclosures are costly and time consuming. It is beneficial to the property owner as well, as this will enable them to sell the property, subsequently relieving a major distress situation and avoiding a foreclosure on their credit.
Should I short sale?Are you in a situation where there is no equity left in your home, there is no way for you to make your monthly payments, and the market conditions will not allow you to sell your home for what you need? We are here for you and short-selling is definitely an option for you.
What are the advantages of a short sale?A short sale can minimize the damaging impact to your credit and can minimize your financial exposure and liability. A foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a “settled debt” and is significantly less damaging. With a short sale, your FICO score will not be as negatively impacted as it would be with a foreclosure, and you will be able to get into a new home much sooner.
How do I qualify for a short sale?In order to be eligible for a short sale, a homeowner must be able to prove to the lender that they are a victim to a “hardship” and are therefore unable to continue making payments on their mortgage. A hardship situation is one that is the result of some extenuating circumstance that forced the borrower into a position where they can no longer afford their mortgage payments.
Where do I start? You have already started and you may not be aware. By coming to this site, you are seeking a professional resource that can help. Email us at info@realeasemarketing.com and we can guide you in a more beneficial direction. We are here to help you get through this process.
Option 1: Bring the loan current. The only way to do that is to
pay your lender all at once and quickly; the missed mortgage payments, legal
fees, interest due, penalties and escrow payments missed.
Option 2: are for those who do not have any money left to bring
the loan current and realize that staying in a home that is not worth the money
owed on the mortgage is a bad idea, yet still want to save their credit.
Short Sale is the Solution!
A successful
short sale negotiation may prevent the need for a foreclosure or bankruptcy. A
short sale can satisfy a loan balance in full and have no long term adverse
effects on a person’s credit file.
Real Ease Marketing works with Agents and Sellers Nation Wide! There is NEVER a Up Front Fee!
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