I've been working short sales for about 4 years now and I think I've heard every heart-breaking hardship there is, from severe medical issues leading people into bankruptcy, to job loss, to divorce, you name it.
When these tough times strike, and the homeowners can't make their mortgage payment any longer, I get a lot of satisfaction out of being able to help them avoid foreclosure. They are able to stay in their house during the short sale, giving them more time to find work if they're unemployed, and they can breathe a temporary sigh of relief that someone that knows what they're doing is preventing the foreclosure from occurring, at least for now.
But in all the short sales we've closed, over $20M worth so far, and as rewarding as those closings have been, both emotionally and financially, something was missing.
Yes, helping homeowners avoid foreclosure brings me great satisfaction, knowing that they'll have a shot at buying a house again once their financial situation stabilizes and their credit has had time to "heal". But in almost every situation, during the intial call with the owner, I am asked if there is any way they can keep their house and eliminate their debt at the same time. Usually this question would lead to a conversation about not-so-successful loan modifications and a financial analysis that would culminate with the short sale being the right solution for their situation.
Even though there isn't a way for most short sale candidates to keep their property, we have begun to assist homeowners with JUMBO loans do just that....and legally. The process we now have in place not only allows the owner to keep their house, but it eliminates a big chunk of their debt and preserves their credit at the same time.
Now, when I learned about this process, I couldn't believe it at first, but the missing piece HAS been found!
In order for this to work, the 1st mortgage must be a jumbo loan, the owners must be current on payments, and the property must be underwater - the more underwater, the higher the success rate. As with short sales, getting this done is complicated, but with the right resources in place, which was no easy task to accomplish, it IS being done. Homeowners are keeping their houses, reducing their debt sometimes by as much as 30%, all while not receiving any negative point implications to their credit - and they couldn't be happier!
As with most people in upside-down mortgage situations, they either ignore the negative equity and continue to make payments, if they can, or they consider walking away, or they consider a short sale. Very few know that this option is available to them, or know anyone with experience in getting it done.
For me, I'm not sure how long this window of opportunity will be open, but for now there's additional gratification knowing that not everyone has to move from their property.
For more information on how we can help either you or someone you know keep your house, visit Learn How to Keep Your House for a FREE VIDEO, or contact me directly via email or phone.
aaron@superiorlossmit.com
512-686-1891
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