SHORT SALES
It is a contractual agreement with the lender where the lender is willing to accept less than they are owed. From a lender's perspective, it's better to recover a portion of a mortgage loan than to to continue with a lengthy and expensive foreclosure process . Typically the lender will agree to a short sale if there is a hardship, such as a sudden health issue, divorce or loss of income.
The time frame of a Short Sale is different from that of a traditional sale, the process varies from lender to lender. Overall, a short sale is much more manageable for the homeowner than being at the mercy of a bank's attorneys during a foreclosure.
BENEFITS
- Peace of mind: The seller avoids the emotional roller coaster of going through a foreclosure. Additionally the homeowner is usually allowed to live in the property during the process.
- Privacy: There is NO SIGN placed on the property, no one has to know. It is a private matter where the homeowner cooperates with the lender to resolve the existing mortgage.
- Relocation: We do submit and request relocation assistance for all families that need Short Sale. These are fund that typically given to the homeowner at closing.
- Credit Score Recovery: Homeowners who go through a Short Sale process can usually purchase another property within 18-24 months. There is no credit reporting for Short Sale, it shows as Settled or Paid as agreed.
- Cost: There is no cost to the homeowner for this process Whats a short sale
DEFINITION
A Short Sale is when a lender allows a financially distressed homeowner to work with their lenders to sell their property for less than the amount due on the mortgage. This allows you to transition out of the property and the debt without having to endure the foreclosure process.
loan modifications
Definition
A Loan Modification is a type of loss mitigation, it changes the term of you existing loan. It is DIFFERENT from Refinancing your mortgage. Refinancing entails replacing your loan with a new mortgage.
Our in-house Loan Modification processor offers a FREE consultation (by appointment only).
We can make an assessment of your current income versus your defaulted mortgage balance and the specifics of any other baring factors you may have in your unique situation and we will let you know your chances of qualifying. We are skilled in how to effectively show what is needed, so you have the optimum opportunity of keeping your family in your property.
A Loan modification could mean one or more of the following:
- Extending the length of your term.
- Lowering your interest rate.
- Changing from an adjustable-rate mortgage to a fixed-rate loan.
If a loan modification is not an option for you, we can take you to other loss mitigation options, so you can walk away clean and start your life over. sell my house
inherited properties
If the property in question happens to be in foreclosure, an inheritor has a few options. Ideally, the deceased's estate will be sufficient enough to cover the remaining mortgage left on the property.
In some cases, heirs may not be able to take over the mortgage, such as in a Reverse Mortgage, they require payment in full. Whether they can’t afford the payments or they don’t want the property, selling the property is not always an option. For example:
- Negative Equity: If the mortgage is more than the property is worth (and nobody wants to take over payments) the heirs or executor may be able to negotiate a short sale with the lender. Lenders are more likely to accept a Short Sale that allows your heirs to sell the property for less than the outstanding debt. Heirs are not required to keep the mortgage.
Example of when the property can be sold:
- Positive Equity: If the property is worth more than is owed on the mortgage, the difference can go to your heirs. Keep in mind the balance of the debt must be paid in FULL. Whats a foreclosure
