Who said Foreclosure was your only option?
What is a short sale?
It means the lender will allow you to sale your home for less than the total amount due of your loan. Not
all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense
to foreclose; moreover, not all sellers nor all properties qualify for short sales.
Please be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender
who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the
amount paid. For certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007,
please reference above. In some states, this amount is known as a deficiency. A lawyer can determine whether your
loan qualifies for a deficiency judgment or claim.
Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will
give you a pretty good idea of what to expect.
- Call the Lender
- Comparative Market Analysis
- Submit a Letter of Authorization
- Preliminary Hud1
- Hardship Letter
- Copies of Banks Statements
- Purchase Agreements
For more information request our FREE ebook on Short Sales today!
If your lender is calling you, don’t avoid these calls! Talk to your lender and explain your situation. You may be able to create
a solution that will benefit you and your lender. You never know, if you don’t ask.Click here for hope
Has your financial situation changed due to a mortgage payment increase, loss of job, divorce, medical expenses, increase in taxes or other reasons?
Have a sigh of relief. Please give us a call @ 602-652-2575 to schedule a consultation!
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