Don’t Pay for Foreclosure Assistance or a Loan Modification before you speak with our professionals and allow us to review your situation. You have more to lose than just your home if your transaction isn’t handled by an expert team the right way. If you can’t afford your Mortgage Payments and you need to sell your home, our Short Sale process is what you need. If you’re considering to sell your property, and you expect that the total amount you owe on your loans will be greater than the sales price of your property, you may be facing a Short Sale Situation.
Our Consultation is 100% Free, and our services are always paid by your Lender. In fact, every transaction that our team has closed has had the Lender completely pay for our services and closing costs.
Why Consider a Short Sale vs. Other Available Options? When facing a Financial Hardship with your Mortgage, there are always several choices to consider. The following sections explain why a Short Sale is often the Best Financial Choice when compared to other choices.
Short Sale vs. Foreclosure ~ A Foreclosure is possibly the Most Damaging Credit Consequence of all the options when facing a hardship with your Mortgage. Not only do you lose your property, but you are generally responsible for the entire difference of what you owe vs the proceeds from the sale of the foreclosured home. In a Foreclosure, there are additional attorney and court fees that the homeowner will generally be responsible for. The Lender will generally file a Judgement for the amount owed, and you will usually be required to repay the Judgement before any other credit will be extended to you (i.e. – No More Cars, Credit Cards, Mortgages, Student Loans, etc). Also, even if you pay the judgement back to the Lender, most mortgage companies will not be able to lend you money for a mortgage for atleast 5-7 years.
Short Sale vs. Loan Modification ~ Many Borrowers are facing Financial Hardship due to their inability to keep up with their mortgage payments, and in turn are looking to Modify their Mortgage. Although this option may make sense for some borrowers, the reality of a Loan Modification is this: They generally DO NOT Reduce Your Principal Balance, only the rate or payment. They generally allow the Borrower ONLY enough room to Survive when they consider the Repayment Plan Payments and your Budget. If the Wrong Financial Information is sent into your Lender, you may end up accidentally eliminating the Short Sale as one of your options! Also, most Companies that offer Loan Modifications will usually charge anywhere from $1500 – $3000 to perform their services, and may not even succeed.
In 2007, a temporary measure was passed called the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act. Many Homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score far less than a Foreclosure or Bankruptcy, and usually does not have the same consequences when applying for credit in the future. Contact us today so we can discuss and assess your particular situation. We’re here to help.
