I have been in short sales for three years now. Back in the early days, I\’d spend a lot of time explaining to Realtors and home owners exactly what a short sale is! Today, most people know the basics of them and I usually talk about the benefits and details they don\’t want to forget.
I work as a Realtor and Investor and help people nationwide to find different ways of dealing with difficult real estate situations. Most I talk to have less money coming in, their payments are going up, and their real estate has dropped in value.
Here are some solutions: Most people start talking with their bank to get a mortgage modification. This can be good, but often the reduction in monthly payment is not enough to make a difference. The banks often deny the modification because of too little income.
A second way that we may suggest is legal foreclosure defense. A lawyer looks over your mortgage documents and makes the lender come up with all the proper paperwork. This can delay the foreclosure for a long time!
Usually, even going through these actions, it will come down to a foreclosure or a short sale. Usually the short sale is much better for the home owner than a foreclosure. The credit is hurt much less and the debt to the bank can often be dismissed!
A lot of people are in the \”standard\” situation. This is usually someone who has a home which is worth less than the mortgage balance, the mortgage payments are rising, and has less income coming in. They usually want to start with a modification and try to stay in their home. This is a good first step. The final result can be a lower payment, but not low enough.
If these don\’t solve the problem, you can move to a short sale. This will allow negotiation with the bank and a sale close to today\’s market price. The owner can find a cheaper way of living and a fresh start. The deficiency amount and tax can usually be dismissed! The short sale is much better than a bankruptcy or foreclosure! They can leave the owner with money that still has to be paid over many years and tax liabilities! There are many lawyers that can help.
Want to find out more about short sales, then visit Daniel Wolkoff\’s site on how to choose the best way to avoid foreclosure for your needs.
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