Short Sale Help and Info
Behind on Your Mortgage?
It's Not Too Late...And We Can Help.
In today's economy, there are many ways that unforeseen hardships can change the joy of owning a home into an incredible burden. Maybe you've lost your job, or have unexpected medical bills beginning to pile up, or your monthly mortgage payments have increased beyond your current budget. No matter what the cause of your troubles, ignoring the problem won't help, it will only make it worse. You must act quickly to resolve the issue.
Who Should Consider a Short Sale?
· Homeowners having difficulty making mortgage payments on time.
· Homeowners with adjustable interest rates which have increased and who can’t afford the higher monthly house payment.
· Families with low income potential because of work related layoffs.
· Those dealing with divorce or family illness.
· Job transfers in a market where the value of many houses has declined below their previous fair market value.
· Any Homeowner in sudden financial crisis.
Why We Are Qualified to Help:
· We Are Short Sale Experts.
· We Know How to Negotiate with Lenders.
· We know the Short Sale Process.
When Should We Start the Short Sale Process?
If you have reached a point where you have realized that you are not going to be able to keep your monthly payments and you have fallen more than 60 days behind, then it would be time for us to start analyzing a possible short sale opportunity for your property. It is essential to start ASAP because the more proactive you are, and the sooner you are able to begin the process, the easier it is for a successful short sale closing agreement to be finalized and recorded. We would suggest you do not delay. It is crucial to be assertive, so if you know you need help then give us a call right away.
How Long Will the Short Sale Take?
Although there are several stages involved in a short sale, the more prepared you are the quicker the process. Short sale negotiations and the eventual approval process can take only 2 weeks or as long as 3 months. Generally, the average short sale takes between 30-60 days from the time the offer is submitted to the lender. But patience will be key. It can take between 50-100 phone conversations, letters or faxes between our office and your lender before final approval is met.
What You Can Do Right Now to Get Started:
· Call Lyndi (703-447-2050) or Email her now and introduce yourself.
· Begin to compile a complete disclosure of your financial affairs for your lender to review. Print out 2 months' bank statements.
· Collect previous 2 pay stubs from each homeowner/borrower.
· Gather the last 2 years tax returns.
· There will be other statements and forms to complete, but gathering this preliminary information is where to start
Often times each individual lender will have miscellaneous documents that also will be required. Don’t be surprised if we call you along the way for unexpected documentation that the bank is requiring. Get organized and be prepared!
Avoiding Foreclosure
It is important to realize that if you are facing the possibility of foreclosure it is very important to not ignore the letters of late-payment or possible property foreclosure from your lending institution. Please contact your lender immediately and don’t ignore the urgency of your situation. We realize it’s a stressful experience for each homeowner but the further you get behind on your house payment the harder it becomes for your bank to reinstate your loan. In the end, your own delay could increase the likelihood that you will lose your home.
Prevent Bankruptcy
Bankruptcy is a legal alternative that allows the borrower to clear any debt obligations by restructuring the payment terms of their financial obligations. A bankruptcy stops the foreclosure process until the bankruptcy process is completed or the court allows the lender to resume the foreclosure. We are committed to preventing our clients from having to file for bankruptcy. Short selling your property requires only a two year wait with no additional requirements before you can own a home again. The alternative of foreclosure or bankruptcy has long term consequences that are truly avoidable.
Tell Us More About Your Situation:
