Don't Sell Yourself Short: Consider a short sale instead. Years ago when homeowners couldn't make their mortgage payments, facing foreclosure and actually having a home foreclosed were the only options. In the process, homeowners felt stigmatized.
Today three things have clearly changed:
- If you are behind in your mortgage, chances are that foreclosure does not have to be imminent
- Because of the high rate and broad territory of foreclosures across the country, facing foreclosure no longer presents the stigma of days gone by
- Short sales used to be a well kept secret, but today it's a well recognized and widely accepted option that may prevent you from foreclosure
What is a Short Sale?
A short sale is when your mortgage company agrees to accept a payoff of less than the amount due on your mortgage. This concept is not new and if you have ever experienced collections, then you know that creditors have a history of "working out" arrangements that allow you to pay off a debt for less than the actual amount owed. And although the process may be different for mortgages, the concept is probably a familiar one to you.
You've Got Options!
Yes you do. You've got options but how could you possibly know what they are unless you talk with someone. Before you pick up the phone and start talking to friends and family, why don't you pick up the phone and call your mortgage company and ask them if it's possible for you to qualify for a short sale. They will discuss with you what your options are and will send you some information explaining the process.
After talking with your mortgage company, pick up the phone and give me a call. Here's my number: 205-321-1200. If nothing else we can talk. If it turns out that I can't help you, you can bet that I know someone that can. A real estate agent is a key member of your team in the short sale process. So you'll want to involve a real estate agent in the process early and provide the necessary authorization for them to communicate with your mortgage company. An agent knowledgeable in short sales will know all of the right questions to ask.
You've got options. But one thing is for sure, if you sit idly by and do nothing, without question you're selling yourself short.
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