I have been receiving a great deal of questions from Buyers that want to know why more people who are facing FORECLOSURE do not place their homes "For Sale" before the Bank takes it. It is a great question. From my experience the three most common reasons would be (1) The Home Owner probabily owes more than their house was worth in today's market and (2) Too many home owners either give up and just move out or (3) The Home Owner waits too long to get help and the Bank sets a Foreclosure Auction Date.
If you are a Home Owner and Owe more than your house is worth:
If you owe more than your home is worth, all hope is not lost. There is help for you. It is called a SHORT SALE. Simply put the Bank agrees to take a lower amount than you owe accepting a sales price at or near the current market value. The Bank will require the seller to prove they have a hardship. If you have to move for a reason other than "wanting to" such as being relocated, change or loss of a job, birth, marriage, divorce, illness or death than you have a hardship.
Whether you are behind in your mortgage or not, and HAVE TO MOVE and owe more than your house is worth... then a Short Sale should be able to help you as well. The first step is calling your Bank or Mortgage Company. Ask for the "Home Retention Department". Tell them you need to sell your home through a short sale and you need to know their requirements for submitting a short sale package, a contact person, a direct phone number and an email address.
Your next step and the most important tip is to list with an agent who is well experienced in listing, negotiating and selling Short Sales. You only have 1 chance at submitting a short sale and making a quick or bad decision on listing agents can doom your short sale before it begins.
If you live in NH, call me first. I use a professional negotiator that works on the sellers behalf when negiotiating with the bank at no cost to you. Most often the home owner can complete a short sale at no cost to them.
If you are a Home Owner and are Behind in your Payments:
If you get behind in your mortgage payments, all hope is not lost. First thing to note is time matters. You should not put off making the call to your Bank or Mortgage Company. Ask for the "Home Retention Department". they are NOT the collection department and will not judge you or pester you for money.
You need to assess 1 of 2 facts:
1. If you have the ability to make any payments: You may be able to keep your house if you choose. The bank can offer a Forebearance agreement where they can take what you are behind and move it the accouont balance bringing you current. There is a loan modification that can lower your interest rate which lowers your monthly payment. You have to make the call and you have to ask. Be polite, [atient and persistant. Do not be afraid to ask for a manager if you are getting no where with a customer service rep.
2. If you have no ability to pay anything: If you have no money to pay the bank, the chances of keeping your home are very limited. Your best option may then be to sell the home through a short sale. It will save your credit. Although some do not care, credit is used when buying a car, getting insurance or renting an apartment. 1 year of a slight blemish is extremely better than 7-10 years of a big black foreclosure mark. It could lower what you pay for things and help you get back on track sooner.
In this case your next step and the most important tip is to list with an agent who is well experienced in listing, negotiating and selling Short Sales. You only have 1 chance at submitting a short sale and making a quick or bad decision on listing agents can doom your short sale before it begins.
If you live in NH, call me first. I use a professional negotiator that works on the sellers behalf when negiotiating with the bank at no cost to you. Most often the home owner can complete a short sale at no cost to them.
It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.
Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!
If you need to sell a home in New Hampshire I can be that agent for you. I strive to provide the best personal and professional service through each step of the selling process.
We stand by you through every step in selling your home.
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If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.
If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.
Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.
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