The Lowdown on Mortagage Short Sales
The Lowdown on short sales
Part 1
There are many ways to lose a home such as bankruptcy foreclosure proceedings where you would watch your home be auctioned off and the sheriffs come and physically remove you and your belongings from your home all of which are extremely unpleasant to say the least. Not to mention destroying your own credit having to deal with loss of dignity embarrassment and the fact that you are now homeless.
Over the last couple of years short sales have become extremely common. What is a short, and should I consider it. A short sale at its essence is the lender is agreeing to accept less than the current amount that you owe. Short sales are essentially a reduced pay off by either you or a third party, there are times that the lender will not accept a short sale if it makes sense for them to actually foreclose on you. What about if the situation arises where you don’t have the money to pay off the reduced amount, there are situations where a third-party may put up the money on your behalf in various arrangements, whatever you do make sure that you consult with a qualified professional before making any commitments, always obtain legal advice from a competent real estate attorney, contact your accountant to discuss short sale tax ramifications,
or contact a shortsales specialist at accesslossmitigation.com.
Home Short Sale
The first thing you can do when researching a short sale would be to call the lender you may have to make repeated calls until you can track down the department that would handle short sales or be willing to discuss a settlement, once you’ve tracked down that department you need to speak to a person that is actually authorized to grant a settlement or short sale, they have fast teams of on qualified nonprofessionals that are essentially debt collectors exhibit people you do not want to speak to as they have one goal in mind and that is to settle your debt essentially a waste of time for you need to speak to a manager in the short sales or settlement department who has the authority to make a decision always be sure to take down names and phone numbers this is this can be a long and drawn out process, at times taking up too as long as six months, lenders are less keen to talk to you about this than they would be to either a real estate agent a closing agent a title company or your lawyer for that matter it so it’s best to have a professional working with you grant them permission to talk to your representative about your loan and short sale or settlement. You’ll have to do submit your letter of authorization in writing as lenders typically do not disclose any of your personal information without written authorization.
Include in your letter you should be the following items, property address your name today’s date, your own reference number, your agents name and contact information, your preliminary net sheet is a breakdown that estimates the closing statement and shows the sell price you expect to receive all the costs of the sale, unpaid balances, outstanding payments due in late fees, real estate commissions, if you’re unable to come up with these items on your own and your are real estate broker or attorney should be able to prepare it for you.
Please comeback next week to see part 2 of The Lowdown on short sales. Or contact us any time for a free no obligation consultation.
Tags: California Loan Modification, Foreclosure, loss mitigation, loss mitigation specialist, preforeclosure short sale, Real Estate Short Sale
