What is a Short Sale?

A Short Sale is when the bank takes less money than what you owe on your mortgage in order to get the home sold quickly without going into foreclosure.  The Lenders voluntarily accept less than full payment and forgive the unpaid balance. This happens when a property is worth less than what is owed, the owner is insolvent, and is unable to make up the difference.

EXAMPLE: If the unpaid balance of a loan is, say, $400,000 and a property sells for $230,000, under a short sale the lender might accept $230,000 as payment in full.  Thats a difference of $70,000 in saving to a potential buyer and $70,000 less that the seller will not have to pay back!

The bank is in business to lend money. They do not want to get "stuck" with a property that they don't want. The Lender has a choice between a smaller loss in a Short Sale or a larger loss in foreclosure. Therefore, accepting the Short Sale often is much better for Lenders instead of going into the foreclosure. Banks will avoid foreclosure if possible, and believe it or not, selling the property as a short sale which is essentially at a discount in some cases pennies on the dollar is still less expansive than foreclosing.

 If you can get the lender to approve your short sale, you may walk away pretty much unscathed. You can have good credit again. You can even fix the negative reports the Lenders may have made to the credit agencies. You will no longer face any more of those huge loan payments. You will be free and clear.

For a Short Sale to be successful your lender must believe that they will have to foreclose if they don't approve the Short Sale. In other words, you must show that you cannot afford the property any longer.

 Lenders negotiate aggressively, and are very powerful when they negotiate directly with the borrower. Dont try to negotiate a short sale on the property by yourself. "When you are sick, you go to the doctor. When you go to court, you take a lawyer. For a successful short sale, seek professional advice. Be aware of magicians who pitch dream solutions that sound too good to be true. If it sounds too good to be true, the dream will likely become a nightmare. There are no magicians in this industry. Dont agree to promises that are unrealistic. Look for a real solution. Having an expert on your side is valuable and will put you in a much stronger negotiating position.

If you are having difficulty in making mortgage payments or your lender is foreclosing on your property, please give me a call at your earliest convenience. I may be able to help you with a short sale. With our short sale program, I can help you get out of your mortgage even if you owe more than the house is worth and it will cost you NOTHING.

As an expert negotiator, I can do the following:

        Protect your credit from further damage.

        Stop lender phone calls, no more harassments.

        Help you and your family to get a fresh start.

        Present a solution to the lender and negotiate favorable terms for you.

     Work with your lender to get your relocation expenses.

     Help you to locate your new home or rental property.

        Help you to repair your credit.

I have the experience and knowledge to resolve your situation in the most favorable terms possible.

Please fell free to call me at (818) 551-7668 office or

on my cell (818) 822-7901.