helping you understand your options!
Educated & Certified Agents!
helping you understand your options!
Educated & Certified Agents!
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WHAT IS A SHORT SALE
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. Since there is no out of pocket expense this program makes it more attractable to most home owners. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
- A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. With 100's of Default & Short Sale transactions completed put our experience to work for you. As always this service has no out of pocket expense to you.
If you have questions or feel you may qualify for a short sale, please contact us for a free consultation.
Understanding your options now could mean all the difference in the world.
Benefits of a Short Sale
Eliminate or reduce your mortgage debt
Avoid the negative impact of FORECLOSURE.
May be eligible for relocation from $1500 in upwards of $15000 depending on the lender and case.
Start repairing your credit sooner than if you went through a foreclosure
May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years)
HOW IT WORKS
WHAT IS A LOAN MODIFICATION
Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.
A modification may be an option if:
- You are ineligible to refinance
- You are facing a long-term hardship
- You are several months behind on your mortgage payments or likely to fall behind soon
What is a Loan Modification
How does it work?
A modification involves one or more of the following:
- Changing the mortgage loan type (e.g., changing an Adjustable Rate Mortgage to a Fixed-Rate Mortgage)
- Extending the term of the mortgage (e.g., from a 30-year term to a 40-year term)
- Reducing the interest rate either temporarily or permanently
- Adding any past-due amounts, such as interest and escrow, to the unpaid principal balance, which is then reamortized over the new term
Take Action
Gather your financial information—Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:
- your mortgage statements, including information on a second mortgage (if applicable);
- your other monthly debt payments (e.g., car or student loans, credit card payments); and
- your income details (paystubs and income tax returns).
Explain your current situation—Be ready to outline your current hardship and explain why you are having trouble making your mortgage payment and if this is a short-term or long-term problem. Your mortgage company will need to understand the reasons why you are having difficulty in order to find the right solution for you.
Contact your mortgage company —Tell them you are interested in a Modification and you want to see if you qualify. To find a qualified housing counselor and more information about making home affordable program click here Making Home Affordable
Contact us and get the process started!
Meet Your Agents!
TAMRA LEE ULMER
TIFFANY MCDANIEL
TIFFANY MCDANIEL
Owner/Broker
Default & Short Sale Specialist
TIFFANY MCDANIEL
TIFFANY MCDANIEL
TIFFANY MCDANIEL
Realtor & Consultant
Default & Short Sale Specialist