WHAT IS A SHORT SALE?

By
Real Estate Agent with Keller Williams

In the immediate area around Lake Wylie there are over 1000 property owners that are 60 to over 120 days behind on their mortgage payments and are facing foreclosure. There are 92 properties that have gone to foreclosure and will be auctioned off on September 2, 2008 at the York County Court House.

 Foreclosures should be prevented at all cost. Foreclosed property owners will not be able to purchase another property for five years, will face a 100 to 120 point hit to their credit rating which could stay on the report for seven to ten years, and they could still be liable for the difference between their loan and the foreclosed sales price.

 There are several ways to prevent foreclosure, but time is of the essence. Property owners must start taking action immediately.

 One way to prevent foreclosure is by doing a short sale.

 A short sale is when the property owner sales his property for less than what is owed to the lender and the lender accepts that amount as payment in full. The seller escapes the long legal process involved in foreclosures and the corresponding hit to their credit. They do sustain a smaller hit on their credit report for any missed payments and for the short sale. They will be eligible to purchase another property in two years.

 To qualify as a short sale candidate, the property owner must have a property valued less than the loan amount, be financially insolvent, demonstrate a hardship, and be cooperative.

 Since the property owner must open their financial history to the agent, make sure the agent is knowledgeable and trust worthy. We are licensed Real Estate agents certified in Foreclosure prevention. Go to our website www.LakeWylieConnection.com to find other alternatives to prevent foreclosure, or call us at 866-522-6350 for a confidential review of your situation.

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