Shortsale or Foreclosure?
more than the present value of your home. I understand this is an
stressful and emotionally difficult time for you.
If you are reading this article, you probably have tried every possible
way to save your home and avoid foreclosure.
Probably you tried a loan modification, you have tried to make
payment arrangements with your lender, perhaps you have even
borrowed money from your credit cards to stay current with your
You have tried to sell your home but it was not possible due to
adverse house market conditions. And you know you got to a point
where there's nothing else to do but to let the lender repossess your
home and go into foreclosure.
Well, if you are in this situation, you should know that there is a more
honorable and less damaging to your credit way to leave your home
and actually sell it priced at market value. This transaction is called
Short Sale or Short Pay.
What is a Short Sale?
A short sale is an actual sale of your home where your lien holder
accepts to lose the difference between what you owe and what you
can sell your home for.
This transactions require the knowledge of a real estate professional
who has experience in negotiating with the lenders in order to obtain
favorable results for you.
Instead of allowing the lender to take you through the embarrassing
process of foreclosing your home, when you do a short sale, you can
actually say that you have sold your home. This will also reflect in
your credit history. You won't have a foreclosure in your record, but
instead a less damaging short sale note on it.
What Are Some Good Reasons to Consider a Short Sale:
- Interest rate increase
- You must sell but the value of your home decreased and debt
to your lender is higher.
- You are behind in your mortgage payments and can't bring
them to current.
- To avoid bankruptcy
- To avoid embarrassing Foreclosure
- Military transfer or deployment
- A job loss or loss of income
- Medical reasons
- Job transfer and relocation
- Death of one of the house providers.
- Other out of your control hardship.
How do I start a Short Sale Procedure?
As soon as you know that you are having problems either because
the sale of your home won't pay off your mortgage debt or when you
can't make your monthly payments anymore, call your Realtor right
The sooner the better. Why? Because once foreclosure has started
its more difficult to negotiate due to time limits. And also once
foreclosure has started there's less time for your Realtor to find a
buyer and it could be too late for your Realtor to do anything to
I have many years of experience in working with Short Sales and a
very high percentage of the transactions that my team and I process
and negotiate get positive results. I also have a very effective
marketing plan to get your house sold in a short period of time. To
give you an example, you are reading this article because I have a
great presence in the Internet, that's only one of the many ways how
potential buyers of your home will find out that your home is for sale.
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There is nothing more satisfactory for me than seeing the relieved
faces of my clients once I tell them: "your short sale has been
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It's a great relief to know that no one will place an ugly notice on their
front doors demanding to abandon the property, but instead a
friendly broker's for sale sign in their front yard or window. Instead of
the seller's names being published in local newspapers announcing
the auction of their home.
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I know by experience, that my clients are good people. With good
intentions. They wanted to pay their mortgage and keep their
houses but adverse circumstances forced them to get to this point,
so I'm very glad to be of help to them.
Please contact me if you are going through a possible foreclosure. If
you need to sell your home but you can't due to the decrease in
value of your home. I'll be glad to guide you and make this process
less painful for you and your family.
Thank you for reading this article. I hope your questions about short
sales have been answered. Please don't hesitate to call me at (909)
921-4206 , leave a message at (909)233-8749 or send me an email
with your specific question. I take pride of the high quality of service I
always provide to all my clients.
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