Understanding A Short Sale
Borrowers who are facing foreclosure may ask the lender to accept a discounted payoff on their loan. This is called a " Short Sale" or " Short payoff". It allows the borrower to avoid a foreclosure action, and may offer the lender an expedited and less costly resolution of a situation.
For the consumer, negotiating a short sale with a lender may seem a daunting task, particularly at a stressful time when foreclosure looms. A short sale allows the borrower to maintain a better overall credit record than with a foreclosure. It allows time for the homeowner to relocate on a more convenient timetable instead of facing eviction and possibly a deficiency judgment down the road. A short sale may impact the borrowers tax situation, so a tax advisor should be consulted.
The benefit to the homeowner/borrower is that having me help negotiate with the lender and field offers from potential buyers as well as collect all the documentation that goes along with such a short sale.
A short sale is not reported on a credit report and therefore not a challenge to employment .
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years, providing you will keep all other loans you may have current as well as also credit cards current.
Only late payments on a mortgage will show and after a short sale, mortgage will be reported as a paid or negotiated. This will lower the score as little as 60 points if all other payments are being made. A short sale effect can be a brief as 12 to 18 months.
Please feel free to contact me by phone if you or someone you may know is having trouble making their mortgage payment and would like to discuss your or their options. Do not give the home back to the bank this will lower your score by up to 400 points and will take you years to recovery, and you will accrue high interest rates for what ever you may want to purchase for years to come.
We have a team of negotiators waiting to assist along with my self in this time of need you may be facing. Just give me a call .
For the consumer, negotiating a short sale with a lender may seem a daunting task, particularly at a stressful time when foreclosure looms. A short sale allows the borrower to maintain a better overall credit record than with a foreclosure. It allows time for the homeowner to relocate on a more convenient timetable instead of facing eviction and possibly a deficiency judgment down the road. A short sale may impact the borrowers tax situation, so a tax advisor should be consulted.
The benefit to the homeowner/borrower is that having me help negotiate with the lender and field offers from potential buyers as well as collect all the documentation that goes along with such a short sale.
A short sale is not reported on a credit report and therefore not a challenge to employment .
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years, providing you will keep all other loans you may have current as well as also credit cards current.
Only late payments on a mortgage will show and after a short sale, mortgage will be reported as a paid or negotiated. This will lower the score as little as 60 points if all other payments are being made. A short sale effect can be a brief as 12 to 18 months.
Please feel free to contact me by phone if you or someone you may know is having trouble making their mortgage payment and would like to discuss your or their options. Do not give the home back to the bank this will lower your score by up to 400 points and will take you years to recovery, and you will accrue high interest rates for what ever you may want to purchase for years to come.
We have a team of negotiators waiting to assist along with my self in this time of need you may be facing. Just give me a call .
