Know Your Options & The Hidden Consequences of Foreclosure

What is a Short Sale?

A short sale is needed when the sale proceeds of a property cannot cover the mortgage balance. For example, many homes have lost value and a home that was financed for 500K can easily be worth only 360K in today’s market. As you can see, selling that home for 360K could not cover the 500K owed. This is when a bank would have to discount the mortgage to allow a sale to happen.

Why would a bank be willing to discount my mortgage do a short sale?

1.)     Banks do not like to own real estate that is not producing a profit.

2.)     Banks do not like holding bad loans on their books

3.)     Foreclosure can be a more costly and hostile vs. the friendlier short sale workout

4.)     The foreclosure process can take a long time

5.)     The long foreclosure process can put a property at risk of being vandalized, damaged or looted

6.)     Working with homeowners to avoid foreclosure is mandated by the government

That being said, if they see an opportunity where they can sell the property without a huge loss of time or money, they will do it. Lenders know they could lose more money and time if the property goes to auction. In most cases, banks would be better off taking the discount beforehand by working with the homeowner to complete a short sale.

Our Success:

In the last 12 months, Our Team has negotiated and closed over 200 short sale transactions at an impressive 93% success rate (listing to closing ratio) and has successfully closed nearly 600 short sales since 2007.  Over the years, we have negotiated short sales with over 50 lenders and servicers and have dealt with many unique situations including multiple loan scenarios, tax liens, HOA issues, “strategic” short sales, and various other challenging issues. 

Our team’s founder, has been featured in several publications including Forbes Magazine, Money Magazine, and The Arizona Republic as well as on ABC and Fox news affiliates and radio stations. We take great pride in the fact that we not only take short sale listings but we CLOSE them as well!

FACT: If you owe more than your home is worth, you can sell with no closing cost or commission expenses to you.

This is a special program for homeowners trapped in upside down mortgages. Some of the information referring to short sales and indebtedness cancellation is hidden SOMEWHERE in the 400 page American Recovery Act of 2009. As a free public service, we put together a report that will tell you all you need to know about foreclosures and short sales.

FREE REPORT: Know Your Options & The Hidden Consequences of Foreclosure

GET THE FREE SPECIAL REPORT IN SECONDS: Foreclosure Impacts to Your Credit Score, Employment, Deficiency Judgments, and Security Clearance - CLICK HERE