Not All Short Sales Are Distressed Sales!
Hi Folks. There was a time when all Short Sales were “Distressed Sales”. That time has now passed. There are many Short Sales on the market where the Seller has no financial hardship at all. The only hardship they have is that they have to move and can’t sell because they are underwater on their mortgage.
There are also Short Sale Sellers that are just wanting to unload debt. These are Strategic Short Sales. These sellers have made a financial decision to dump a property that is drowning in debt with no hope showing. They have decided to quit throwing good money after bad and take their losses now.
In both cases the Lenders may very well agree to “settle” the mortgage for less than owed. You do NOT have to be facing foreclosure to work out a settlement with your lender!
When these Sellers borrowed the money they signed an agreement with the Lender. The agreement basically states that if you pay you stay and if you don’t pay you don’t stay. Pretty straight forward.
But what happens if you are paying but you still need/want to sell the property? Well there are 2 options. Bring the difference between what is owed and what you sell the property for to closing. OR work out a settlement with the Lender. This is what a Non Distressed Short Sale is. It’s making your Lender an offer.
And just like any offer the Lender can:
- Accept it
- Reject it
- Counter offer it.
My experience is that the Lender will accept it. BUT...if you don’t have a financial hardship the Lender may very well want you to participate in the loss. Participating in the loss is when you make a cash contribution, sign a new promissory note, or both, at time of closing. It’s an agreed settlement between creditor and debtor.
So.....if you feel trapped by your mortgage maybe there is a way out. Questions?
Related articles:
You Must Be A Deadbeat To Do A Short Sale!!
Do I Have To Miss Payments To Do A Short Sale?
Why Would a Lender Accept a Strategic Short Sale?
Not All Short Sales Are Pre-foreclosures
Are you upside down on your Florida mortgage?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
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Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
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