Let us be your short sale advisors. Do not let your home go into foreclosure because you did not have anyone on your side! The process is frequently intimidating and there is a lot of paperwork that needs to be filled out correctly or it can effect your outcome with your mortgage lender. Also....did you know that you can stay in your home during the short sale process?

In a short sale, the mortgage lender agrees to discount the loan balance because of an economic or financial hardship on the part of the borrower/homeowner. This could result from job(s) loss, divorce, medical bills, adjusting mortgage, etc. Do you have to relocate from an area with poor resale values and you have not been in the home long enough to have built some equity?

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(s). The homeowner will not be making any money from the sale of the home. Banks will incur a smaller financial loss than would result from foreclosure or continued missing payments from the homeowner. A short sale is typically faster and less expensive than a foreclosure to the mortgage lender also.

Homeowners are able to lessen the damage to their credit with a short sale transaction. They will incur some damage to their credit history,
but not to the extent that they would in a full foreclosure proceeding. Also, quite often, the result of a successful short sale will be a
"satisfaction of mortgage" in the public record. A full foreclosure will
show an an unpaid debt and will hinder your ability to purchase your
home for years to come.

Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority of lenders have pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. Having a Realtor who is experienced in these transactions can make this process smoother and the outcome for the homeowner more favorable!