Short Sales & Foreclosures
SHORT SALES
If times are tough for you and your family and you're having trouble making your mortgage payments, then you should know about some special options available to you. Whether you lost a job, are dealing with health issues, or are experiencing financial problems, there is a way for you to sell your home and get out from under the debt. You can stop foreclosure by selling your home through a short sale.
One of my professional goals is to be an effective advocate for my clients at all times and assist them in the best way possible within my capabilities. Therefore, when individuals are tormented by their financial problems and can no longer support their mortgage payments, I have been able to successfully help and relieve some of the burdens through a short sale.
What is a Short Sale?
A Short Sale is a sale of a home in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgages payments and is experiencing financial hardship. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. Selling short is definitely better than foreclosure, as a foreclosure stays on your credit record for ten years.
If you find selling your house for less than you owe on the mortgage is an option short of foreclosure or bankruptcy, you will want to find an experienced, ethical real estate agent who understands your situation and will act in your best interest at all times. I have negotiated several, successful short sales and truly sympathize with financial problems brought on by unexpected circumstances, and I want to help.If you have bought a home using a home loan, your lender will have taken a security interest in the property. If you find that you cannot keep up with mortgage repayments on your home, the security interest gives the lender the right to proceed with a foreclosure. This can involve auctioning off your house and using the proceeds to recover their investment.
FORECLOSURES
If your property is not sold or the purchase is not enough to cover the lender's loan, a deficiency judgment could be pursued against you. A foreclosure and a deficiency judgment will seriously hinder your prospects to obtain real estate in the future. A foreclosure is a worrisome prospect for anyone, but there are options you can pursue in order to avoid it.
The first thing you need to do is to decide whether it will actually help your financial problems to allow the foreclosure to happen. If your problems are of a temporary nature, such as a sudden job loss, then it may be only a matter of time before you are again financially viable. On the other hand, your debt problems may be so great that foreclosure would be the best way to erase them.
Regardless of your situation, there are several ways of avoiding foreclosure and dealing with it when you already received the foreclosure notice. I have designed a successful system to assist individuals in avoiding the foreclosure process while guiding them to the path where they will start to regain their financial freedom and security.
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