WITH THIS OPTION, WE WILL NEGOTIATE TO HAVE YOUR LENDER PAY YOU FROM $3,000 UP TO $10,000 WHEN THE PROCESS IS COMPLETE! This option is also FREE OF COST to the homeowner!
This is the best option if your home is worth less than your loan amount and you have been turned down for a loan modification and can no longer afford your payments. With this option, we can stop the foreclosure process and save your credit.
We will list your property for sale and we will negotiate with your lenders to relieve you of ALL obligations that you owe. With a successful short sale you will avoid the foreclosure, save your credit, and will NOT owe any money to any of your lenders.
This is a good option for people who no longer wish to keep their home and would like to start fresh. While we work on this process, you will not have to make any mortgage payments and can stay in your home until the short sale is completed (typically 3 to 4 months or more).
What is a Short Sale?
A short sale is just a regular sale of your property but refers to the fact that the value of the property is worth less than the total mortgage that you owe. Therefore, the proceeds from the sale will be “short” of what is required to satisfy your mortgage in full. In a short sale scenario, the bank agrees to accept less than the full balance due on the debt, and will forgive the entire deficiency balance on the loan.
How will the Short Sale affect my credit?
Short Sales are very preferable to a foreclosure when it comes to your credit. As it currently stands, anyone who does a short sale can purchase another home within 2 years. The reporting on your credit shows as a settlement or satisfaction in full. In some cases, a short sale will even boost your credit score by getting rid of that negative debt on your credit profile.
Who benefits from the Short Sale?
Everyone benefits from a short sale. Both lenders and borrowers avoid foreclosure, and it is considered a win/win proposition for all parties involved.
Why would banks forgive the difference?
Your lender either has the options of accepting the short sale or foreclosing on the property. In most cases, a short sale will net your lender more money than a foreclosure auction. Per CA law, once a lender agrees to a short sale, they are prohibited from seeking the difference of the unpaid principal balance.
Why not just let my lender foreclose?
Absolutely NOT! You have no incentive to allow your lender to foreclosure. Short sale does not cost anything, will buy you much needed time in your home, and you will also receive $3,000 – $10,000 relocation incentive upon the close of escrow.
How long does it take?
A Short Sale typically takes about 3 to 4 months total from start to finish. You must be ready to vacate the property before the close of escrow.
What if my home is already in foreclosure?
We will stop and place a hold on your foreclosure sale until the short sale is complete. Depending on your situation, there will be several options to accomplish this goal. That’s why it’s important that you contact us right away!
How much will the short sale cost me?
Absolutely Nothing! Just your time and quick response to any questions we have for you.
Who will let me know what I need to do to the home to get it ready for sale?
Since your property is a short sale, it will be sold AS IS and we won’t be recommending that you do anything to the home that will cost you money. The truth is, since you won’t be netting anything from the sale, the last thing you probably want to do is spend more money on a home you no longer can afford. For that reason, we will be selling your home as-is. Our only suggestion is to clear out as much clutter as you can.
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