Certified Short Sale Realtor Serving Raymore, MO
Raymore, Missouri distressed homeowners who are behind on the mortgage payments and proactively seeking foreclosure options may want to consider selling their property as a short sale and work with a local Realtor in Raymore who specializes in selling short sales.
In real estate, a short sale occurs when the sales price of a property is not enough to payoff the loan for the home. If the homeowner is unable to come up with the difference owed to settle the transaction (selling short), the distressed homeowner may be able to work with the lender in hopes the lender agrees to accept a discounted payoff. Meaning the lender will release the lien (s) that is secured to the property upon receipt of less money than is actually owed.
An example maybe that the homeowner has a property in Raymore with an unpaid loan balance of $150,000 and the property sells for $140,000, as a Realtor in Raymore who specializes in selling short sales, we might get the lender to accept $140,000 as payment in full.
The short sale benefits to the lender is that a market saturated with foreclosures can cost lenders billions -- and as much as $50,000 per foreclosure -- according to a study by the congressional Joint Economic Committee.
The short sale option is one of several that are available to homeowners in Raymore who are behind on their mortgage payments. Very few of these distressed home owners are aware of the foreclosure options, like a short sale, that the federal government has put in place as a possible solution to their mortgage issues.
In 2007, the federal government enacted H.R. 3648, the Mortgage Foregiveness Debt Relief Act, to help provide options to address the increasing number of foreclosures by removing the tax burden resulting from debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with homeowners who conducted short sales. Recently, H.R. 3648 has been extended through 2012 under The Emergency Economic Stabilization Act, H.R. 1424. The Obama Administration has continued to pursue options to the foreclosure problem with the Financial Stability Plan that helps homeowners and lenders find solutions and options to foreclosure.
Raymore homeowners considering the selling their home via a short sale should be aware that Fannie Mae has announced a reduced mandatory waiting period to establish credit history to 2 years after the completion of a short sale. This mandatory waiting period after a short sale is lower than the required 5-7 years following a foreclosure. In addition, the homeowner must realize that they will be selling their home and forced to move once the short sale transaction is complete. If the homeowner is seeking options to foreclosure that allow them to stay in their home, they may want to consider working with their lender to see if they can work out a forbearance or loan modification with them.
As a Raymore real estate agent and Realtor specializing in short sales, I encourage home owners who are behind on their payments to proactively communicate and explore foreclosure options, including short sales, with their lender(s) versus avoiding the lender (s) all together. Many of these lenders have short sale packets that homeowners can fill out to help get them started.
Raymore home owners who are not sure what to do and facing possible foreclosure need to contact me ASAP at 816-892-3550 or via e-mail at Gipple@KW.com. I will set-up time to meet with them and discuss options that may be available to them. In most cases, we are able to satisfactory sell a property via a short sale at NO-COST (FREE) to the home owner!!! As a Raymore real estate agent and realtor who specializes in short sales, we have an alliance with a national short sale negiotater who will process and negiotate on the home owners behalf with the lender (s).
To find out if you qualify for assistance, answer a few questions by clicking on the button below to determine what programs are available to to help you avoid foreclosure and how you may be able to benefit from the federal government enacted H.R. 3648.
One of my goals as a local Realtor serving homeowners in Raymore is help our clients avoid foreclosure and take advantage of the programs that have been instituted to help them. We realize that the only way that we accomplish this goal is to educate distressed homeowners who are behind on the mortgages and actively seeking foreclosure options and walk them through the process of working with their lender, and proactively remedying the mortgage problem.
If you or someone you know is facing a hardship in their lives and risk losing their home to foreclosure and might consider working with real estate agent and Realtor in Raymore who focuses on short sales, contact me today at 816-892-3550 or via e-mail at Gipple@KW.com. You may also find additional information at my website, http://markgipple.program3648.com
Time is of the essence when exploring your options and avoiding foreclosure so contact me, your local Raymore Realtor, today!
Keller Williams Realty
Certified Short Sales and Foreclosure Resource (SFR) Certified
Equator Platinum Certified for Foreclosures and Short Sales