In todays economic situation there are several people struggling to make their monthly mortgage payment. According to a recent statement from C.A.R. mortgage lenders sent out 46,760 default notices in the first quarter of this year. What does this mean for the average home owner? If you are not directly effected by it you know somebody that is. Who is being effected the most and why? Those that have short term fixed mortgages that will adjust two to three years after receiving them will feel the largest strain on their lifestyle and finances. How can I help you if you have found yourself in this position? You don't have to ruin your credit before you consider what is called a short sale.
A short sale is when the lender recognizes the hardship of a home owner and agrees to settle the debt on a property for less than what is owed on that debt. There are several circumstances and steps to this process but it is more common than you might think. You are probably asking why would a lender allow a person to sale a house for less than what is owed on it? A lender is in business to make money by servicing loans not selling houses and when faced with the choice of foreclosure or short sale they will evaluate the pros and cons of both options very closely. If they feel they will lose less money buy doing a short sale they will be happy to assist in the process.
Do you have to be in the foreclosure process in order to qualify for a short sale? No, but there are certain things the lender looks for and I will walk you through each and every step of the process from the beginning to the end.
Where does your local Realtor come in to the equation? Not all Realtors know how nor do they understand the process of a short sale. It is very intense and very strategic in its entirety. If you think you need to or qualify for a short sale please contact me so I can evaluate with you and give you the insight you need to make an educated decision regarding your home.
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