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I CAN'T SELL MY HOME For What I Owe On My Mortgage...WHAT CAN I DO?
I CAN'T SELL MY HOME For What I Owe On My Mortgage...WHAT CAN I DO?
Know Your Options...
Know Your Options...
If you are having difficulty making your mortgage payments, or unable to continue making payments, you have other options besides foreclosure.
Some of the options available to you are:
- Signing a "deed-in-lieu of foreclosure" that returns your house back to the lender with possible future consequences for you.
- Doing a "Loan Modification" the re-negotiates your loan terms by adding to your balance extra charges and longer terms under stricter rules.
- Doing a " Short Sale" where the lender allows you to sell the property to what the home is worth in today's prices (not on what you OWE to them) In most cases you can negotiate for the lender to waive the remaining balance and walk free and clear of any mortgages.
- Doing "Nothing" defaults to an impeding foreclosure, where you lose your home, the lender may file a deficiency judgment against you and your foreclosure record remains on your credit history for at least 7 years!
If you are having difficulty making your mortgage payments, or unable to continue making payments, you have other options besides foreclosure.
Some of the options available to you are:
- Signing a "deed-in-lieu of foreclosure" that returns your house back to the lender with possible future consequences for you.
- Doing a "Loan Modification" the re-negotiates your loan terms by adding to your balance extra charges and longer terms under stricter rules.
- Doing a " Short Sale" where the lender allows you to sell the property to what the home is worth in today's prices (not on what you OWE to them) In most cases you can negotiate for the lender to waive the remaining balance and walk free and clear of any mortgages.
- Doing "Nothing" defaults to an impeding foreclosure, where you lose your home, the lender may file a deficiency judgment against you and your foreclosure record remains on your credit history for at least 7 years!
A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage, This is available to homeowners who have experienced some type of hardship and they can no longer continue paying their monthly mortgage payments.
A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage, This is available to homeowners who have experienced some type of hardship and they can no longer continue paying their monthly mortgage payments.
WHAT IS THE PROCESS OF A SHORT SALE?
WHAT IS THE PROCESS OF A SHORT SALE?
WHY WOULD YOU SHORT SALE YOUR PROPERTY?
WHY WOULD YOU SHORT SALE YOUR PROPERTY?
HOW LONG DOES THE SHORT SALE PROCESS TAKE?
HOW LONG DOES THE SHORT SALE PROCESS TAKE?
IS A BANKRUPTCY BETTER THAN A SHORT SALE?
IS A BANKRUPTCY BETTER THAN A SHORT SALE?
Peace of mind and control. Short sales allow homeowners to have a much more positive position from beginning to end. It will lessen their financial burden and help them maintain their credit to a certain degree. A short sale is the start of a new life to homeowners. It offers them a platform from which to start rebuilding financially. . . in most cases, without a foreclosure or bankruptcy on their records.
Peace of mind and control. Short sales allow homeowners to have a much more positive position from beginning to end. It will lessen their financial burden and help them maintain their credit to a certain degree. A short sale is the start of a new life to homeowners. It offers them a platform from which to start rebuilding financially. . . in most cases, without a foreclosure or bankruptcy on their records.
The short sale process for sellers are as follows:
- Homeowner identifies their current situation and seek the help of an experienced real estate agent who specializes on short sales.
- Homeowner must demonstrate a provable financial hardship
- Gather all the appropriate documents and submit to the lender with the agent's assistance
- Proceed to sell the house as a normal real estate sale.
- Accept a (one) contract as your agent will submit it to your lender
- Agent negotiates on homeowner's behalf and obtains approval
- Sell property
The short sale process for sellers are as follows:
- Homeowner identifies their current situation and seek the help of an experienced real estate agent who specializes on short sales.
- Homeowner must demonstrate a provable financial hardship
- Gather all the appropriate documents and submit to the lender with the agent's assistance
- Proceed to sell the house as a normal real estate sale.
- Accept a (one) contract as your agent will submit it to your lender
- Agent negotiates on homeowner's behalf and obtains approval
- Sell property
Each lender has specific timelines and document requirements for the short sale process to go trough. Once your agent submits a ratified offer, they will know and understand much better how long will the process with your particular lender take.
A short sale could take as much as 6 months to be completed. There are a lot of variables that changes from lender to lender.
Each lender has specific timelines and document requirements for the short sale process to go trough. Once your agent submits a ratified offer, they will know and understand much better how long will the process with your particular lender take.
A short sale could take as much as 6 months to be completed. There are a lot of variables that changes from lender to lender.
Although not as impacting to your credit score as a foreclosure is, a short sale can ruin your credit rating, typically because you were behind on your payments while waiting for your home to sell. All lenders report short sales differently to all credit agencies and differs from lender to lender.
You may qualify for a conventional loan in as little as two years after a short sale...but, they will ask for a substantial down payment from you.
As much as this could be a disadvantage, there is no comparison to the seven year- penalty that you must wait after a foreclosure.
Although not as impacting to your credit score as a foreclosure is, a short sale can ruin your credit rating, typically because you were behind on your payments while waiting for your home to sell. All lenders report short sales differently to all credit agencies and differs from lender to lender.
You may qualify for a conventional loan in as little as two years after a short sale...but, they will ask for a substantial down payment from you.
As much as this could be a disadvantage, there is no comparison to the seven year- penalty that you must wait after a foreclosure.
Relax, this is one of the most valuable benefits short sales offers to sellers.
Your lender pays all the real estate commissions when selling your house as a short sale. They will also pay any closing costs, documentation fees, transfer taxes, title insurance, and any other fees associated with a typical real estate transaction.
Lender's understand that you are in a hardship and most likely can not pay all these fees.
Relax, this is one of the most valuable benefits short sales offers to sellers.
Your lender pays all the real estate commissions when selling your house as a short sale. They will also pay any closing costs, documentation fees, transfer taxes, title insurance, and any other fees associated with a typical real estate transaction.
Lender's understand that you are in a hardship and most likely can not pay all these fees.
Relax, this is one of the most valuable benefits short sales offers to sellers.
Your lender pays all the real estate commissions when selling your house as a short sale. They will also pay any closing costs, documentation fees, transfer taxes, title insurance, and any other fees associated with a typical real estate transaction.
Lender's understand that you are in a hardship and most likely can not pay all these fees.
Relax, this is one of the most valuable benefits short sales offers to sellers.
Your lender pays all the real estate commissions when selling your house as a short sale. They will also pay any closing costs, documentation fees, transfer taxes, title insurance, and any other fees associated with a typical real estate transaction.
Lender's understand that you are in a hardship and most likely can not pay all these fees.
Disclosure: Understand that we are not attorneys and any borrowers that are uncertain as to whether they should proceed with a short sale, a foreclosure, a deed-in-lieu of foreclosure, or bankruptcy should seek the advice of the appropriate professional(s)
As far as the question about bankruptcy. In general a bankruptcy does not stop the lender to foreclose a property...it only delays it.
Disclosure: Understand that we are not attorneys and any borrowers that are uncertain as to whether they should proceed with a short sale, a foreclosure, a deed-in-lieu of foreclosure, or bankruptcy should seek the advice of the appropriate professional(s)
As far as the question about bankruptcy. In general a bankruptcy does not stop the lender to foreclose a property...it only delays it.
WHAT ARE MY NEXT STEPS?
WHAT ARE MY NEXT STEPS?
We understand that every short sale situation of a home is unique. Our approach is customized to your needs and your particular situation.
We are always here to advise and guide you through this process.
If you want to talk further about your options to do a short sale, we promise that we will take our time to make sure you understand every step of the transaction...so you can make the right decision.
Please ask for a FREE-CONSULTATION and we will be in touch!
Thank You.
We understand that every short sale situation of a home is unique. Our approach is customized to your needs and your particular situation.
We are always here to advise and guide you through this process.
If you want to talk further about your options to do a short sale, we promise that we will take our time to make sure you understand every step of the transaction...so you can make the right decision.
Please ask for a FREE-CONSULTATION and we will be in touch!
Thank You.
FERNANDO HERBOSO
301-246-0001
www.ReallyNiceHomes.com
FERNANDO HERBOSO
301-246-0001
www.ReallyNiceHomes.com
Copyright © 2020 www.20Funnels.com All rights reserved.
Copyright © 2020 www.20Funnels.com All rights reserved.