Avoiding Foreclosure
Do a short sale and sell your home for less than what is owed
Few things are as devastating as losing your home. In many cases foreclosure can be avoided with some outside help from a professional.
Foreclosure is one of the most damaging things a person can have on their credit (in fact when applying for a mortgage loan it is harder to get approved for a loan with a foreclosure on their credit than a bankruptcy) it usually stays on your credit for 7-10 years. Not to mention the fact that the bank will still pursue collecting the deficiency of the remaining balance due and cost of foreclosure once the bank has later sold the property. In most cases the bank loses more when sold as a bank owned foreclosure, so there is more liability for a higher deficiency. Negative credit report could effect current and future employment too.
Short Sale the bank has agreed to forgive the debt and take less than what is owed. If you need to sell your home, but owe more on the mortgage note than the house is worth than this is an opportunity for you! Many people are in this situation and do not realize there is hope. Lots of homeowners are not aware that many times the banks will agree to take less than what is owed on the property to avoid having to foreclose if negotiated by the right realtor. This is a complex transaction but I want to assist people like you to help you get out of this situation. I will have to negotiate directly with your lender and put a tear in their eye as to why you can not make your mortgage payments. You will not have to pay for my listing representation the bank will!
I negotiate directly with your lender and put a tear in their eye about your hardship; a sudden job loss, got hurt at work, divorce, medical issues and I get 90% of my short sale approved, let me help you get onto the next chapter of your life!
A foreclosure on a home generally costs a bank $15,000-$30,000 in fees, not to mention the amount of money they loose after later selling the property once they have foreclosed on it, so they are often ready to negotiate for a short sale.
Deficiency judgment It's not uncommon that the sale of the home is insufficient to cover the remainder of the mortgage. When the property has been damaged, or market values have dropped, the owner would have ended up with a bill in the tens of thousands for the difference that is forgiven debt. But 12/07 Bush passed a new law that is called The Mortgage Forgiveness Debt Relief Act With this act being passed home owners that need to sell can do so now without the fear of owing taxes later on if their mortgage company agrees to cooperate with a Short Sale, only good thru 2012.
Despite what many people think, most lending institutions are not anxious to foreclose. It's a last-ditch effort to recover their money and minimize their losses, and it's an incredible hassle. Most lenders would rather avoid it, if possible. There are multiple sources for help that you should be aware of, and most lenders will be happy to hear from their clients are work out a short sale on the home rather than just await a foreclosure.
Time is of the essence, it's YOUR credit and YOUR life. Pick up the phone now!
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