Real Estate Foreclosure Help Specialist Gives Advice On Real Estate Short Sales

 

You are not the only one facing foreclosure. You feel helpless and devastated.

It hurts to foreclose! If you are unable to eat or sleep, then you will have difficulty functioning.

You don't have to check your caller ID to find out that the phone is ringing constantly. They are relentless! They will interrupt your dinner, family time, and sleep.

Today, hundreds of thousands are facing foreclosure or are at various stages of foreclosure. Many people are trapped in a mortgage that they cannot afford to pay because of the resetting or Luxury Real Estate In Sedona Az Adjustable Rate Mortgage. Due to financial hardship or declining real estate values, refinancing can be difficult or impossible. If you owe more on your home than it is worth today, refinance approval will not be granted.

This is a difficult situation to be in. It would be great to be able to relax in your own home and enjoy dinner with your family, or without having to answer the phone from your lender.

There are options available and support is available regardless of where you are at the foreclosure process. A short sale is an option if you feel you have exhausted all options.

A short sale is when your lender will let you list your home and offer a lower amount than the mortgage balance. Lenders often have asset managers or departments that represent their interests in the investment. Lenders may request an appraisal or have a licensed realtor perform a Broker Price Opinion (Brokers Price Objection), which shows the current market value.

A homeowner facing foreclosure can hire a negotiator to negotiate their sale. The negotiator will perform their own BPO, and present a package to lender that includes a hardship letter and financial statement. Also, W-2's, pay slips, and other documents that support financial hardship and the decreasing market value of the house.

A great short sale negotiator is a valuable service for the homeowner in distress and the lender. The homeowner is helped by the negotiator who helps them to satisfy their lender through a quick payoff. They will also request that the lender give the homeowner a written statement of complete satisfaction to avoid them coming after them for the deficiency. A short sale stops foreclosures from going ahead and will be added to your credit report. This can cause damage that can take many years to fix.

Lenders benefit by reducing their losses and getting what they can now rather than having to incur additional legal and financial costs of foreclosure. Market values continue to fall. They can wait for the redemption period to evict homeowners and fix the house to make it more marketable. However, the chances of the property being worth less will increase and the lender will lose even more.

If you feel your home is not worth keeping, a short sale may be an option. You don't expect to receive any of the closing proceeds if you sell your home on a short sale. However, you do have the benefit of paying off your mortgage and protecting your credit score. You can also stop the harassing phone calls and letters from your lender.