Short Sales
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Due to our current economies condition and financial status, lenders have started a NEW policy to help home-owners get out from under their high balance loans, even when the home is worth less than the current loan balance.
This practice is known as a “Short Sale” and is currently being encouraged by all lending institutions across the United States in this plummeting economy.
Our practice is based on a solid foundation of extensive “Short Sale” experience and working very closely with hundreds of different lending institutions through the United States. “Short Sales” were also very popular in the last similar financial cycle in the late 1980’s early 1990’s.
Our company’s role is to…negotiate with your lenders to accept a “Short Payoff” on your existing loan and eliminate your high balance financial obligation, high payments and to avoid Foreclosure.
FOR A FREE CONSULTATION TO DISCUSS YOUR
LOAN MODIFICATION OR “SHORT SALE” OPTIONS
CALL US TODAY!
In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
In short; a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.
In the recent months real estate marketplace has undergone through a dramatic changes. More and more buyers are finding themselves in homes they can no longer afford and or which are now worth less than what is owed. In many cases this was made worse by mortgage rate adjustments which lead to payment increases. As a result, borrowers are unable to pay their mortgages and default rates have skyrocketed.
Even borrowers who are capable of paying their mortgage are under a great deal of pressure. They do not want to continue paying a mortgage on a property worth less than what they owe.
Risks
Not being proactive under these circumstances is quite risky given the severe consequences following mortgage default, especially given the long lasting impact from the information which remains on the credit report for years.
Lack of knowledge regarding available solutions shouldn’t be a deterrent in motivating property owners to actively seek a solution.
What we Offer
Main Street Realty; as part of our services is a consulting solution that can help protect homeowners. Main Street Realty; can help homeowners to avoid the negative consequences that follow mortgage default and help them protect their credit as possible. Since the “Short Sale” has been one of the solutions our firm has helped many of the local property owners to achieve a fresh start. Our expertise is in negotiating a favorable solution that will protect the interests of the property owner facing the complicated scenarios presented when facing the lender
There is no magical fix. However, there are very powerful solutions a homeowner is very likely to qualify for. Finding a solution that is appropriate and that will be approved s vitally unimportant. Because of the delicate time line and other constraints usually allow for only one attempt. That is exactly where our expertise comes into play. We help home owners identify the best solution and then negotiate with the lender on their behalf.
Lenders negotiate aggressively, and are very powerful when they negotiate directly with the borrower. Having experts in your corner is invaluable and will put you. The borrower, in a much stronger negotiating position.
Our success rate is among the highest in the industry.
SUPPORT DOCUMENTATION NEEDED FOR SHORT SALE
- Copy of the Seller's "Income VS Expenses" net sheet
- Copy of 2 years of Income Tax Returns or profit & loss (if self employed)
- Copy of 2 years of W-2’s or profit & loss (if self employed)
- Copy of (3) Month's of all bank statements including all liquid assets 401k, Cd’s, Etc. E)
- Copy of 1 Month's worth of your most recent paycheck stubs
- One month of current mortgage statements for both lenders (if applicable)
- Hardship letter explaining what events and occurances have occured to bring you to your current financial hardship position
Forms, Samples & Information
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