Today can be a very difficult time with mortgage situations that have occurred over the last several years. It is important to know as homeowners that there alternatives to loosing your homes.
A short sale could be a consideration for your particular situation. Let me share a definition that may help you in your decision making.
Definition:
A short sale is an "arrangement" between the current owner of a home and the bank that lent them the money to buy their home to accept an offer for less than the total amount owed to pay off the home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale.
Another important definition of a short sale is how it differs from foreclosure. In foreclosure, the homeowner falls way behind on their payments and the bank repossesses the house and sells it. In almost all cases, THE BANK PURSUES THE HOMEOWNER FOR THE DEFICIENCY!!! No one seems to know or believe this, but just ask someone who has gone through foreclosure, they will tell you the only way out of this was to file bankruptcy.
Short sale: Win-win-win situation
The beauty of short sales is that they can be a win-win-win situation for seller, buyer and lender. Here's how:
- The seller gets out of the mortgage liability without facing bankruptcy.
- The buyer gets the home at a reduced price.
- The lender agrees to a loss it considers minimal without going through a foreclosure and being saddled with an unsalable property.
While it may seem surprising that lenders would agree to accept less than what they are owed, they benefit from the process, too.
As you can see there is hope in helping you and your family with a very difficult time. Let me discuss further the opportunities that I could assist you with. I will give you my unconditional compassion and respect. Please call me for a completely confidential and free consultation of your situation. Don't wait until it's too late! |