Why Short Sale?

Short Sale Advantages

When considering a short sale of your home there are both benefits and drawbacks to completing a short sale. Below are some of the advantages of doing a short sale. You need a short sale expert who understands the loss mitigation process, short sales, deeds in lieu of forclosure, negotiating with banks and how best to get the job done and get you relieved of the debt without a tax obligation. You need an expert who has worked inside the banks and understand what the banks are thinking and trying to accomplish. 

  • Avoid “foreclosure” on credit reports, which generally remains for 7 to 10 years.
  • Avoid potential bankruptcy which generally lasts 7 to 10 years on credit.
  • Easier to clean up credit and reduce the time it takes to re-qualify for future homeownership and other credit privileges.
  • Avoid eviction by the foreclosing bank.
  • Potentially less tax liabilities.
  • Escape the burden of a depreciating asset.
  • Closing costs, late taxes, association fees and/or real estate commissions are generally paid by the bank.
  • Can potentially avoid liability for mortgage debt and negotiate on their own terms any delinquency judgment.
  • Negotiate terms and conditions on a promissory note upfront.

When we meet with you initially, we will ask you some specific questions to get a good idea of how best we can assist you in making an education decision and provide you with options for you and your family. Below is a list of some of the questions you should be prepared to answer:

  1. When was your property purchased and for how much?
  2. Have you attempted a loan modification or workout?
  3. Have you refinanced your home since you first purchased it?
  4. How many times have you refinanced?
  5. How much did you cash out of your home and what were the funds used for?
  6. How much do you currently owe?
  7. Who is on the title (or deed) for your property?
  8. Who is on the actual mortgage statements and liable for the debt?
  9. What kind of mortgage do you have?  Conventional, VA, FHA, Freddie Mac, Fannie Mae?
  10. How many lien holders are attached to the property and who are they?
  11. Do you have any other lien holders not associated with the mortgages but others who may have lienedyour property for any reason?
  12. Has any lien holder filed a Notice of Default or Notice of Trust Deed Sale on the property yet?
  13. Do you have a HELOC? What have you used the money for and how much is the current balance?
  14. Are you currently living on the property?
    If not, are the utilities still on, such as water, power, gas…etc?
  15. Who is currently maintaining the property?
  16. What is the property condition and what repairs are needed? Be specific.
  17. If relocating, how soon do you have to move? Has a foreclosure attorney contacted you on behalf of the bank regarding this matter?
  18. What is the situation that has caused you a hardship and/or to miss your payments?
  19. Why do you need to sell or would you like to remain in your home?
  20. Do your current payments include taxes and insurance?
  21. Do you have an impound account with your mortgage payments?
  22. How much income are all borrowers on the loan earning per month?
  23. What are your total estimated monthly expenses?
  24. Have you paid any other companies or attorneys to try and help you with a short sale, loan modification or deed-in-lieu? 
  25. If so, how much did you pay them and what companies have you reached out to for help?
  26. Have you spoken to an attorney, CPA, credit counseling or debt consolidation company about your situation?
  27. What questions did you ask and what advice did they give?
  28. Will a foreclosure or short sale affect the status of your current employment in any way?

Our goal is not to lead you in any direction. Our job is to provide you with information and guidance to help you make an educated decision and provide options for you and your family.