If you are behind on your payments and worried about your home being foreclosed on, there is the help and a way to buy yourself precious time to save your home. It’s called a short sale.
First, as a homeowner, you will need an expert to avoid foreclosure & to communicate with lenders and guide you through the many complicated processes of short sales. Certified specialists take the stress and anxiety out of the equation. You can even save your home! More on this later in the article!
The key is to act quickly and get professional help immediately. By acting now you can save your credit, and more importantly, you have a strong chance to save your home you worked so hard for.
Avoid Foreclosure: Many homeowners who have experienced a life-changing event often wrestle with actions to take. Mortgage holder’s (your lender) don’t want to lose their income have no desire to add more properties to their already large inventory. At the same time, homeowners don’t want to lose their home or be forced to file for bankruptcy. A solution to all of this heartbreaking problem is first talking to a licensed real estate agent (a certified specialist) and explore the options. A Comparative Market Analysis (CMA) is crucial along with examining the current payment history for both the agent and homeowner to begin the process. Lenders prefer you avoid foreclosure, and encourage you to engage in a short sale as they realize you have a chance to save your home vs. selling it.
What is a short sale? These transactions where lenders settle for less than what is still owed on the home. Homeowners attempting to avoid foreclosure enlist short sale agents (like us) to place a home on the market for less than their current mortgage note. If a homeowner owes $150,000 & the home’s value has declined, then it may only sell for $125,000. A professional short sale agent will work with the lender & negotiate the best possible solution for you. Lenders are willing to accept some loss; the goal is saving you from financial jeopardy, avoiding foreclosure and even save your home.
Good news for homeowners struggling with payments; Short sales do save the considerable negative credit impact of foreclosure and buy you that precious time. Even months! You can keep your home if you manage it during the process. Again, a professional specialist can place valuable time on your side.
The hardest aspect to avoid foreclosure is waiting on lenders to determine if they will concede to a short sale. Most of them will. Add to that; there is pending legislation aimed at “forcing” lenders to make timely decisions within 45 days. While these situations are very common, a homeowner does not have to be in foreclosure to qualify for a short sale. Although short sales are an excellent way to avoid being foreclosed on, these transactions and processes aren’t without obstacles or some risk. Taking advantage of professional agents that can guide you how to avoid foreclosure makes the difference.
