Think a foreclosure is your only option?

Real Estate Agent with ERA Joyner Realty 331464

If you are falling behind on your mortgage payments and think foreclosure is your only option, think again.

The foreclosure process can be an embarrassing and stressful process.

For some home owners who may be upside down in their loan or owe more than what their house is worth, the future may seem very bleak, or is it? Talking with your lender and negotiating a short sale may be the answer you were looking for.                               foreclosure


Have you weighed the options of a short sale? Do you know what the benefits of a short sale are? Here are just a few of them

Benefits of a short sale:

  1. Avoid foreclosure
  2. Help save your credit
  3. Reduce debt
  4. Gain control of your finances
  5. Make a fresh start
  6. You may be eligible , under Fannie Mae guidelines to purchase another home in 2 years instead of 5-7 years.
  7. If your credit report does not reflect a 60 day plus late payment, under Fannie Mae guidelines you may be eligible to purchase another home immediately.
  8. It is the fastest solution to the mortgage foreclosure process.
  9. Saves you stress and embarrassment

Did you know that if your house is foreclosed on it can remain on your credit for 7-10 years, and a short sale for a little as 6 months to a year?


What does the term "Short Sale" mean?

Simply put: it means the seller's agent sells your home to a buyer at market, or slightly below market, and the lender agrees to accept the proceeds as payment in full on the amount due the lender, even though the sales price is less than the existing loan amount.

The downside to this is there is nothing stating that a lender is required to do this.

Through this process (the short sale) the lender gets his money, and the seller can walk away from the property. Not all banks will work with you in a short sale, and some will also make you take out a note against the difference between what was owed and what the property sold for. These are  both questions you need to pose to your lender.

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If you are interested in BUYING or SELLING a home in Lowndes County or the surrounding area and want a professional consultation on current market conditions, please contact me at 229.834.0946  or e-mail me at or visit my website at



Janice MacMillan, Associate Broker


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Robert Solomon/Broker/Owner
I Net Realty Group, Inc. - Hudson, FL

Great information and very well thought out I will make a copy and share it with other agents.

Sep 11, 2009 07:44 AM #1
Janice MacMillan
ERA Joyner Realty - Valdosta, GA
Associate Broker


Sep 11, 2009 07:46 AM #2
Steve Andrascik
Lake Mead Area Realty - Boulder City, NV

The only caveat to selling your home as a short sale is you have to PROVE to the lender that you can not pay your mortgage. If you can not convince them of this, they are not going to let you out of your mortgage. It is sometimes a misconception that just because you owe more on your home than it is currently worth, you can ask for and be granted permission to complete a short sale. This is the one of the biggest reasons short sales fail.

Sep 11, 2009 07:53 AM #3
Janice MacMillan
ERA Joyner Realty - Valdosta, GA
Associate Broker

Steve ~ Yes, you are absolutely correct. You will have to prove financial hardship in order to get approval for a short sale, and even then it may not happen. If you can prove the financial hardship, starting with the hardship letter and the financial package the bank sends you, a short sale is by far better route then letting it go into foreclosure.  Thanks for stopping in!

Sep 11, 2009 09:16 AM #4
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Janice MacMillan

Associate Broker
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