more than your real estate is worth is
pretty scary because
family's financial future could be at risk for many years. Can you
qualify for a Loan Modification and keep your home, or should you do a
Short Sale? Our goal is to educate you on your options, and provide a
TEAM to help you thru the process.
A short-sale occurs when the lenders agree to release the mortgage for less than the payoff owed on the note. It is race to beat foreclosure. We sell the home while it is still in good condition, and avoid legal expenses, deterioration, and a distressed price that will ultimately be charged against you.
Both buyers and sellers are tired of short sale contracts that never close. Experienced Realtors only show short sales where all the essential paperwork is done, to avoid wasting everyone's time with unfulfilled hopes. Instead, call to learn how we get results.
Avoid Foreclosure. Knowing the correct way to demonstrate a hardship (inability to pay) is essential to negotiating with the lender for better options. As a banker for 10 years, I know what lenders are thinking, and have exposed their back room shenanigans (learn more). We may be able to negotiate a work-out for you. Read this entire article, then give me a call.
Be careful of law firms advertising themselves as foreclosure experts. They make more money by dragging you thru a failed short sale, and INTO a foreclosure; we work with a law firm that helps you AVOID foreclosure.
Many people with good credit, and/or assets beyond the real estate, will not normally qualify for a short sale. If you must sell, and have a security clearance for example, saving your credit is critical to your job. A loan modification or Deed in Lieu of Foreclosure may help you. Call me for a discussion personalized to your situation, and referral to my attorney..
Stay in Your Home! Do not move yet. There are a number of alternatives to foreclosure. I recommend you explore each of them. Most people do not understand the process and what a short-sale exactly is. Just like anything else, if you don't work with it every day as we do, then it can be scary. Think back to the first time you rode your bike or drove a car. It was probably pretty scary because you weren't sure. Same thing here, you aren't sure what the process is but you know something bad is going to happen. I will help you understand the foreclosure process and help get you to the other side. Do NOT pay any up-front money to a slick talker promising to do the paperwork. I'll teach you to do it easily, and FREE.
I am a foreclosure expert with a team, including a lawyer, who specializes in helping homeowners just like you who must sell at a loss, or have fallen behind with their house payments and are now facing foreclosure. We are licensed Realtors who will have a legal duty to you to look out for your best interest, to work on your behalf. In other words I am here to help you through this situation, to give you the very best advice and to work for you. I do not work for your lender, I work for you!
Most likely at this point your options have become limited to either letting your home be foreclosed, or to try to sell your home. The bottom line is that you do not want foreclosure as it will ruin your credit with a Deficiency Judgment lasting 10 to 20 years. I will show you alternatives that will save your credit and have you qualifying for another home in as little as 12 months.
First, let's first look at the differences between a foreclosure and a short sale
Let's examine each point one-at-a-time
Ruined Credit vs Bruised Credit - In a foreclosure your credit can be ruined for 10-20 years. With a short sale your credit will be bruised for 12 to 18 months. Most banks and lenders understand nearly everyone out there is having some sort of credit problem, but what they don't want to see is you just giving up, or giving them the house. A short sale is a much better alternative to a foreclosure.
Buy again in 10-20 years vs Buy Again in 12 to 18 months - With a foreclosure and deficiency showing up on your credit report it will be very difficult if not almost impossible to buy anything on credit -- no house, no cars, no credit cards, higher insurance, large deposits for utilities, and so on. With a short sale your credit will suffer but it has been our experience for those clients who are able to show 12 months of good credit history that banks and lenders are willing to extend credit once again.
Recorded Judgment vs Negotiated Settlement - Once the foreclosure process is completed the court may wait up to 5 years to issue a deficiency judgment in favor of your lender. This judgment will show up in the public records and on your credit report. A short sale is a PRIVATE negotiated settlement between you and your lender. No need to worry here, my team will negotiate for you. We cannot guarantee a full release, but obviously any settlement is much better than a judgment.
Large Attorney Fees vs No Cost to You - In order to file a foreclosure action against you, your lender will hire a law firm. Law firms charge thousands upon thousands of dollars to handle the foreclosure which will be added to the amount you owe the lender. A short sale will cost you nothing to facilitate. In fact, I will handle the entire process for you at no cost to you. How? Your lender gets a higher price for your home by paying my commission after I find a buyer for your home. Even if you owe more than your home is worth I can sell it and your lender will pay all of the fees involved at absolutely no cost to you. In extreme situations, you might however incur a tax liability for amounts forgiven by the lender. Tax law changes frequently..
Deficiency Judgment(s) vs Negotiated Settlement - If you do owe more on your home than what it may be worth and it is foreclosed, each lienholder adds their legal expenses and has the option to chase you for the total owed. They will be able to garnish wages, attach (take) personal property and make your life miserable for 10 years, then renew for another 10. A short sale will allow us to negotiate with your lenders with the goal of releasing all or most deficiencies before the short sale is completed.
Possible Bankruptcy vs No Bankruptcy Needed - Many foreclosed homeowners end up filing a bankruptcy in order to dodge the deficiency judgment. With a short sale, most homeowners avoid a bankruptcy that can further destroy your credit.
Prolonged Disaster vs Peace of Mind A foreclosure can haunt you for 10 to 20 years. A short sale may end the process in as little as 3 to 4 months and allow you to get on with your life. It's your choice.
temporarily expanded cities covered by the Housing Assistance Program
(HAP) to assist all service members required to permanently relocate
(PCS) during the home mortgage crisis, service members and DOD employees
who are wounded, injured or become ill when deployed, surviving spouses
of service members or DOD employees killed or died of wounds while
deployed, service member and civilian employees assigned to BRAC 05
organizations. Monetary assistance may be based on your cost PLUS
improvements, not just your initial purchase price. This means HAP may
cover more of the loss so YOU will have to bring less funds to closing
to cover the difference. Official
For Practical Help with Short Sales and Foreclosures
Webb, Top Producer
Coldwell Banker Paradise / Ed Schlitt Realtors
Contact the WEBBmaster for updated details.
Lawyers prosecute anyone who competes with them, so this is not legal advice. Consult a lawyer for legal advice on your specific case. I will connect you to one lawyer I trust that doesn't charge any up-front fee..
IMPORTANT NOTICE You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us (see listing agreement) for our services. (Coldwell Banker Paradise / Ed Schlitt and 4Brevard) is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.