Frequently Asked Questions About Short Sales Contact us now...Call 1-888-316-1496 or click HERE to get more info! Short Sale with Wachovia, World Savings, Golden West Financial? A Short Sale is the sale of a home when sales proceeds do not fully pay off the existing loan and lender accepts a discounted payoff to fully satisfy the loan. The bottom line is we need to help you sell your home to avoid a foreclosure. If you are faced with a hardship that makes it likely you will be unable to meet your obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through foreclosure. Every bank is a little different, so there is no black or white answer to this one, however the banks want to work with you, it benefits you more to short sale than to let it get foreclosed on. What kind of hardship do I have to have to short sale? And...do I HAVE to have a hardship? Generally, so long as the hardship is real and the mortgage company believes the loan is likely to become delinquent as a result, the Short Sale request will be processed and reviewed and at that time be reviewed. It is very important that you submit a strong hardship letter to the bank and we will help you with that. Some hardships that the bank will consider valid hardships are: - Job loss or income loss
- Family: Illness, or injury
- Job relocation
- Divorce or split of domestic partners
- Adjustment in your mortgage payment
- Not qualifing for a loan modification
- Death
Do I have to be late on my payment? NO! You do not have to be late on your mortgage payment. All banks are a bit different, but more and more lenders are willing to work with you and they do not want to foreclose on your home and if your intent is to not eventurally pay your mortgage, then yes, you may qualify for a short sale. The only way to find out is put your package together and submit it to the bank. Do I have to pay income taxes? We always suggest you consult your tax attorney or qualified CPA, but very recently the tax law was modified and now most people who do a short sale will have no taxes due. Do I have to pay property taxes if I do a short sale? Property taxes will always have to be paid as part of any accepted short sale. Whether it’s you or the lender depends on their policies and the specific agreement you reach while negotiating the short sale. No matter what the taxes have to be paid. How will I pay you to sell my home if I can't even make my house payment? Great News! You do not pay my commission. The bank pays the commissions and usually your closing costs. I owe more than my home than it is worth and I can't make the payment, do I have to somehow qualify for a short sale? NO!.Really...if someone can’t make their payment and they have debts that are greater than their assets, then they qualify for a short sale. It is simple High Debt = No $, therefore you can't make your payment and you can qualify for a short sale. Do I have to have my home "Approved" by the lender prior to the offering it for sale as a short sale? No. Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Most short sales do involve 1st and 2nd lien holder. The most important thing is to AVOID FORECLOSURE, by any means! A foreclosure is the most damaging thing you can do to your credit. By avoiding foreclosure, you will likely be able to resume normal borrowing like car loans, and credit cards pretty quickly. Things are changing so fast that now you are even able to turn right around and buy a house again. No....and really...there is no such thing as being ‘Short Sale Approved’. The actual approval only happens with an accepted offer. I just missed a payment and I know I will miss more...how long does the foreclosure process take and is there time to do a short sale? The foreclosure process takes differing times depending on your state. In the Midwest a foreclosure can take over a year. In California its taking 6+ months. Generally speaking a well priced short sale being processed by an educated short sale listing agent will sell and close in less than 120 days, unless your loan is with Wachovia, World Savings, or Golden West Financial...then you can sell and close with the new owner withing a month. I want to do a short sale and have a 2nd mortgage, does this make me ineligible? No! Both of your lenders will need to be satisfied in some way to close and complete the short sale. Your first lender will be paid off by the sale, then all you have to do is negotiate the terms in the sale with the second lender. How do I get started with selling my home as a short sale? It is easy to get started. We can prequalify you for a short sale over the phone, online, or we can set an appointment and meet with you. Therre is no charg for you to get started, like we said, the bank pays for our service to you.We specialize in working with homeowners that need to sell and have no equity/upside down. If you have a Notice of Default or Trustee sale date, it's not too late to save your credit from a foreclosure. A Short sale may be your answer! If your not late on your mortgage payments, that's even better! Banks are now starting to approve short sales with out you bing late on your payments, and without a hardship! back to top Dear Homeowner, YOU ARE HERE FOR A REASON! We may be able to assist you with your current financial situation. Whatever has happened in your life to affect your mortgage payments, we can help you decide which alternative is best for you. Don’t give up! Your situation is NOT impossible, even if others have told you so. There are options available to you. You have several choices at this point. We can assist you in looking at all these options to find which one is best for you. The most important thing is to save your credit and avoid foreclosure. Since your lender may take serious action against you by filing foreclosure papers, we urge you to contact us right away. CALL NOW 1-888-316-1496 We are licensed Realtors, specializing and certified in Foreclosure Prevention. (We Know What We Are Doing When We Help You.) We are NOT investors. We want you to come out the “winner” in this situation, and protect you from those seeking to take advantage of your situation. The only way we can help you is if you call us today for a confidential consultation appointment to talk about your options to avoid foreclosure. CALL NOW 1-888-316-1496 IMPORTANT!! Effective August 1st NEW Guidelines state homeowners who lose their property to foreclosure may not be able to finance another home for 5 YEARS!!! Please let us help you!!! I will give it my best shot at helping you, and if for some reason I can't, then I will NOT leave you hanging! I will refer you or help you figure it out! I really want to help you! Sincerely, Keller Williams Realty 1-888-316-1496 Certified Foreclosure Prevention Consultant |