Short Sales in Douglas County, Kansas
When we meet with potential seller clients in the Douglas County, Kansas area, we often get many questions about short sales, late mortgage payments, and how to avoid foreclosure. Sadly, many people are in the situation that a short sale would be a valid option, but they are too ashamed to either talk about it or ask for help. This blog is just a sample of the questions that we encounter while we are meeting with potential short sale clients. Our hope ate The Abram Team is that if you live in the Douglas County, Kansas area, and are behind on your mortgage payment or soon will be, that you will reach out and get help before it is too late. While The Douglas County, Kansas area has not seen the number of foreclosures and short sales as much of the country and surrounding area has, we still have our fair share. Many of the foreclosures that have sold in Lawrence, Eudora, Baldwin CIty, Lecompton and surrounding areas could have been avoided had someone reach out and been given a lifeline.
Here are a few of the questions we regularly encounter.
Q: I am one or more months behind on my house payment what should I do?
A: Contact your lender. When you are behind on your payment, it is critical that you remain in contact. Let them know your situation, your desire to resolve the problem, and ask them if they have any options. Also, contact a real estate agent that is familiar with short sales and loan modifications that can help you sort through your options.
Q: My home has sold at the court house steps, can I do a short sale?
A: This depends on many factors such as the policy of your lender, how much redemption period is left, the type of mortgage that you have and many other factors. Time is definitely not on your side, but you may still have options. Contact a real estate agent that is familiar with the process and they can help you negotiate with your mortgage company.
Q: I want to just walk away from the house, but my lender has asked me to try a short sale, what should I do?
A: Accept the short sale and contact an agent to help you through the process. A short sale is a better alternative for many reasons. If the bank is offering the option, it is a good idea in most cases to accept the offer to do a short sale.
Q; Will a short sale negatively effect my credit score?
A: The short answer is yes, it will have some negative effect on your score. The most damage done however isn’t from the short sale itself, it is from late payments. Some people do a short sale without ever missing a payment. In most of these cases, the credit score is effected very little.
The Abram Team has received specialized training to assist home owner’s who are facing foreclosure or that are in default on their mortgage. We will assist you or your loved one with compassion and confidentiality. Call us today if you need to know your options.
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