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 Avoid Foreclosure-
Realize you have options to foreclosure and a foreclosure should be your absolute last option. Options to explore are: - Loan Forbearance
- Loan Modification
- Deed in Lieu of Foreclosure
- Bankruptcy
- Short Sale
Learn more about your foreclosure options Each circumstance is different and should be considered carefully. A real estate agent who specializes in short sales or an attorney that specializes in short sales will talk to you about all your options to foreclosure and the validity for each for your situation. As a real estate agent that specializes in short sales I will confidentially counsel you in the best areas for you to explore. Though I only do the short sale I have realized that I need to offer resources to home owners to help them make the hard decision they need to make. Short sales are a lot of work and I want you to be confident that it is the best option for you and your family. What is a short sale? A short sale is a real estate transaction where a selling price of the home is negotiated with the lien holders for less than what is owed by the home owner. Many properties that are going through the short sale process may have two lien holders and both lien holders must agree to the "short payoff of the mortgages. It is important to note the seller still owns and controls the property until the short sale successfully closes or the property is foreclosed upon. Why would a seller do a short sale? A homeowner would do a short sale because in most cases the bank forgives the deficient debt on the home. In a foreclosure, a lien holder has up to two years to file for a deficiency judgment on a mortgage and up to 20 years to collect. Right now few deficiency judgments are actually being filed due to the expense of filing and collecting. The second reason is the reporting to the credit companies. A foreclosure is the most derogatory hit you can have to your credit score. In a short sale what the bank reports can vary and does not carry as much of a hit as a foreclosure.
Why would a bank consider a short sale or other option? Banks are not in the business of owning real estate. They would much rather assist a homeowner in some other options rather than foreclose on your home. A foreclosure costs a bank between $35,000 to $50,000 dollars in legal costs, carrying fees, and other related costs. A short sale is a far better option for the bank. You are a short sale candidate if you owe more on your home than what it is currently worth and you can no longer make the payments. There needs to be a hardship involved like a lost job, medical, death, divorce or many other reasons. You can not do a short sale just because..... What does it cost to do a short sale?A short sale should cost you nothing. In most cases, the bank will pay attorney fees, real estate commissions and related closing costs. Also be wary of any companies that charge you up front to do a short sale on your home. There are many competent attorneys and real estate agents that will do your short sale on a contingency basis. They close a on a successful short sale of your home or they do not get paid. 
I have just touched on a few of the complexities of a short sale. You need a real estate agent that has experience doing short sales and is coupled with an attorney that handles the short sale. A large portion of my business is assisting homeowners in Massachusetts through the short sale process. I have successfully closed most of my short sale transactions. I know the subtleties of a successful short sale as well as the pitfalls. I have many resources from bankruptcy attorneys to phone numbers of loan modification departments to help you through the process. Again, I do not want to do a short sale until you have exhausted your options and you are confident a short sale is the right option for you. If I do not handle short sales in your community I will find you a short sale specialist in the area you are in. Please feel free to contact me at anytime regarding your options or a potential short sale. Your phone call is always confidential. Kevin at 978-360-0422
Real Estate Referrals- If you are a real estate agent and do not want to handle a short sale, please keep me in mind, I do pay referral fees for short sales. |