In an economy such as our... it is not uncommon to find families that are struggling with the situation that they have found themselves in. The Certified Distressed Property Expert organization (CPDE) has stated that as many as 1 in 5 families are having devastating financial problems. These problems are brought on by many different factors, but the one underlying result is that people can no longer afford to pay their bills...
That said... CDPE continues to say that for every 10 friends that you have, at least one of them is in a situation to where they are at least one payment behind on their house payment. The banks call this "being in default." Once you are in default... the mortgage company begins to find a way to collect their money, and as a result you are placed in what I call for simplicity sake... "PRE-FORECLOSURE." Different states have different laws, and most mortgage companies are working hard with their homeowners to help them out.
If you are behind on your mortgage, and you don''''t see a way to get things caught back up, then a simple solution may be to avoid foreclosure by selling your home as a "Short Sale." Everyone will not qualify for this process... but most will. A foreclosure will devastate your life and your credit. A short sale will have much less impact on your credit rating, and will decrease the stress of the foreclosure process.
The "Short Sale" Process is "Simple"...
Don't let a Foreclosure "Devastate" your life!!
Hi... I am William Pittman with Remax, First Choice... I consider myself an "expert" in selling distressed properties... however... the term "expert" in short sales is almost an oxymoron... The field is changing and is extremely complicated... It is not necessarily an easy process, but it is simple. Basically, you just follow the instructions... and wait. From my education and experience I can help you...
Check out this short video... then see below.
What is a Short Sale?
A short sale is a situation where the homeowner and the mortgage company come to an agreement to sell the property for less than the balance due to the Mortgage Company or Companies.
Who can sell their home as a ?Short Sale??
In order for a homeowner to qualify for a potential short sale, the homeowner has to have had a ?hardship? that has made a catastrophic effect on their financial lives. If the homeowner has a hardship that has caused financial problems, then they may be eligible.
What if there is more than one mortgage?
If the homeowner has more than one mortgage, (home equity line of credit - HELOC, 2nd or 3rd mortgage, liens on the property from judgments or other financial flaws) the first mortgage is in control of the sale and all other lien holders have to negotiate their settlement with the first lienholder.
What is the homeowner responsible for after the short sale?
A short sale is contingent upon the mortgage company approving the offer and contract that has been made for the purchase of the home. The mortgage company can ?accept? the contract (after negotiations are complete), or they can decline the contract, or they can accept the contract with an agreement for the homeowner to pay a portion of the mortgage deficit. This is true of the first lienholder and all other lienholders as well.