Short Sales

• Do You Owe More Than Your House is Worth?
• Have Suffered Loss of Income or Payments Too High?
• Are You Behind on Your Mortgage Payments?
• Have You Been Turned Down For A Loan Modification?
• Do You Want to Protect Your Credit?
• Do You Want To Avoid Foreclosure?
• Would You Like to get A Fresh Start?

A Short Sale is when a home is sold for less than the amount owed and the lender agrees to release the lien and settle for less than the full payment.

Why would a lender accept a Short Sale? A Short Sale is a form of loss mitigation; the lender (investor) is presented with a choice between a smaller loss by Short Sale or a larger loss through foreclosure, so accepting the Short Sale “mitigates the loss.

The advantage of a Short Sale compared to a foreclosure is that you avoid having a “debt discharged due to foreclosure” on your credit file which can reduce your credit score by over 250 points and keep you from qualifying for a home loan for up to 5 years. With a Short Sale you can qualify for a home loan in just 24 months. Also if a Short Sale is negotiated properly with your lender you can avoid a possible deficiency judgment.

The lender benefits by not having to go through the expensive, drawn out process of foreclosing on the borrower and then having to put the property on the market and go through the whole marketing process again.