I wanted to briefly add to my last post about short sales, now known as pre-foreclosure sales. I actually have 3 pre-foreclosure sales working right now in the Chattanooga area. From extensive conversations with several lenders, this can be the way to go to save you from foreclosure. The lenders are telling me that they are will to take a loss of at least 20% of the mortgage to keep the home from going into foreclosure. A number like 20% could make or break your financial future and credit score. I will say however that this can be a timely process and there are no guarantees on whether or not it will work. Once you have an offer in place, the lender may accept the offer, the lender may counter the offer or the lender may reject completely and start the foreclosure proceedings (depending upon your particular deliquency). If you plan on doing a pre-foreclosure, please be prepared to jump through paperwork hoops and meet all deadlines. This still doesn't give you the for sure on whether or not it will work, but it sure beats the heck out of the alternative. Call me if you have any questions.
Realtor Ryan, Broker
Comments(0)