Many individuals are experiencing difficult times during this lengthy economic downturn. Some homeowners are finding themselves in a position that they have never been in before….not being able to make their mortgage payment and searching for a way to prevent a foreclosure.
In conjunction with the hardship situations that are abundant, another issue has developed to complicate the matter. As most everyone knows by now, home values have dropped across the country and in particular in metro Atlanta. If you are one of these individuals rest assured that there is an option that, if you qualify, can bring relief. This option is called a Short Sale.
What is a Short Sale? In real estate a short sale is when all outstanding loans and expenses of selling exceed the present value of the home. This results in a repayment to the lender(s) of less than what is owed and is referred to as a “shorted payment”. In order for a short sale to occur the lender(s) must agree to the sale and the shorted payment.
Who Qualifies? Homeowners who qualify typically are experiencing hardship situations that are preventing, or about to prevent, the owner from making the mortgage payment. There are a multitude of hardship situations including Unemployment, Business Failure, Business Decline, Decrease in Pay, Divorce, Separation, Loss of a Spouse, Medical Disability, Job Relocation, Overall High Expenses compared to One’s Monthly Income.
If you would like to learn more about the advantages of a short sale compared to a foreclosure simply request a free copy of our report – “Short Sales, A Viable & Graceful Option to Foreclosure”. This report will explain:
• How you may be forgiven of your mortgage debt.
• Help you determine if you have any tax liabilities
• Show you how you can sell even if you have more than one loan.
• Inform you how your lender will cover the expenses in selling.