Short Sale
Overview
"A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower." Wikipedia" Short Sale process is only successful, with a help of thorough professional study & Research, frequent follow ups, persistence & prompt action"
Further Explanation: - "A short sale is the sale of your home for an amount less than the amount you still owe on your mortgage. The sale does not have to be to your lender, but your lender has to agree to it. Borrowers choose this option when they cannot afford to continue making monthly mortgage payments and cannot pay the difference between the sale price and the unpaid mortgage amount. However, the borrower is not freed from his obligation to repay the remaining mortgage balance unless the lender agrees. Many lenders require that disadvantaged borrowers provide proof of economic or financial hardship before agreeing to a short sale."
Advantages of Short Sale
- You save yourself the costs and fees usually associated with foreclosure.
- You can buy another home in 2 years, rather than 5-7 years, if you foreclose
- You no longer have a mortgage payment.
Disadvantages of Short Sale
- Lender can give a very tough time agreeing to the terms of the buyer
- Time consuming process, as lenders are a little difficult to convince
- Your credit report may be damaged if your lender reports the short sale to credit monitoring agencies
- If you owe money to more than one creditor (for example, if you have taken out second and third mortgages on your property), they will also have to agree to the short sale because they, too, will be paid an amount less than what you owe them
Currently we can help you qualify for the program in the below mentioned States
- California
- Texas and
- Pennsylvania