Are you facing foreclosure? 
You have other options for you!

One is called a Short Sale.
The shortsale is technically known as a "Short Pay" this means that the property in question, is sold for less than what is owed on it. In Temecula several a number of agents such as Terkel Sorensen; Tatyana Mitchiner; Barbara Baker; Larry Falkand many others, are working very hard to sell property through short sales in Temecula, Murrieta and Winchester as well as Lake Elsinore and Wildomar.
By selling the homes in Short sale, the lender receives more money for it than they would from a typical bank owned or REO property.

How do you qualify?
The most important qualifier is that you have a hardship, this hardship prevents you from being able to pay your mortgage. Hardships comes in many forms, some of the more common are medical and financial hardships, let's say you get sick or loose your job, this will prevent you from making your payments. Another hardship is if you had a low teaser rate on your loan, and that is resetting to a point where you will not be able to pay.

What is the process?
To sell your home as a short sale, you will need a Realtor who knows how to handle this type of transaction, Terkel Sorensen has one numerous sales.
The Realtor will list your home at current market value, when an offer is obtained, the offer along with a short sale package is submitted to the lender.

What do you need to do?
You have to produce the documentation for your short sale package, this will include bank statements, pay stubs, sometimes tax returns and a financial statement showing what your bills are and how much you bring in every month, the idea is to show the lender that you truly have no way of paying your mortgage.

Who do you talk to?
Call Terkel Sorensen today, time is of essence, if you want to avoid the foreclosure, you have to get things moving as soon as you can. Terkel covers short sale and REO business in Temecula, Murrieta, Winchester, Wildomar and Lake Elsinore, and he is an expert marketer who will get a contract on your property quickly.