LET'S TALK: 1-347-714-4241​
1-844-99-SHORT
What Is A Short Sale?
A Short Sale is a win-win solution for the home owner and the lender. The lender gets the highest price for a quick sale at a market price. The borrowers get their credit restored and generally get relief from possible future legal actions and deficiency judgments. Short Sales occur when borrowers sell their property for a sales price less than the amount owed to their lender(s) after all sales expenses, including brokerage fees. In order for this to take place the lender(s) must accept a discounted payoff; meaning the bank(s) get paid less than the full loan amount owed. In a short sale, the home owners can get complete relief from all of their mortgage debt. The end result is the home is sold, the mortgage is satisfied (paid off) and home owners avoid a foreclosure or a bankruptcy. Perhaps even better, credit ratings will almost immediately improve because credit reports show that the mortgage was settled in full.
What are the Benefits of a Short Sale?
When a Short Sale is achieved, there will not be a foreclosure. A foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.
Protect credit. Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.
Our Short Sale Service is FREE to homeowners; the lender generally covers all the costs involved.
Controlling future costs. If a property is sold at an auction, owners may owe deficiencies and other expenses to the lender. Under most short sales we process, the homeowner will be relieved of this possible future burden.
Do you do Home Affordable Foreclosure Alternatives (HAFA) Short Sales?
Yes we do. The HAFA rules have been eased and more homeowners than ever are qualifying. It can be a good deal if a seller qualififies as they can get up to $3,000 is relocation assisance and should not have a deficiency afterward. HAFA may be available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP participating servicers.
How do we see if the Home Owner is eligible for HAFA?
Send us the Short Sale Submission form with with the listing agreement, the Short Sale Processing Agreement, Authorization(s) to Release information, and the Homeowner Document Checklist and we will submit the package and get the process started. You should list the property and start getting offers. Whether or not the property is HAFA eligible, your homeowner will be in the best position to get the short sale approved. Also note that several servicers do not participate in HAFA, but they follow the HAFA guidelines.
What is an Acceptable Hardship??
Need to move from a home.
Reduced Income or Unemployment.
Inability to work due to health reasons.
Separation or Divorce.
Medical Bills.
Business Failure.
Death of a Spouse.
Adjustment in mortgage payment or unforeseen increase in monthly expenses.
Any other circumstance that cripples someone's ability to repay their mortgage.