I will assist the homeowner free of charge in preparing a completed modification pack to be submitted to the bank. This packet must also be completed with great care and caution. Some homeowners have a misconception that the more expenses they show the bank the lower their payments will be. This is absolutely false and can sometimes hurt the homeowners changes of a modification. The bank will see these expenses and determine that their is no way possible the homeowner can afford to make any payments and will deny the modification. Our first objective will be to save your home through the modification process or reinstatement. If this is not possible then we can resort to the short sale process.

It’s important that you pick a Realtor with a wealth of experience in short sales to negotiate your short sale agreement. As you are now aware, short sale deficiency forgiveness is not guaranteed in most states, but a Realtor with a wealth of experience and expertise in short sales may be capable to negotiate deficiency forgiveness in many circumstances. For owners who can no longer afford to keep mortgage payments current, an alternative to bankruptcy or foreclosure proceedings includes the short sale. A short sale in real estate occurs when the outstanding obligation(loans) against a property are greater that what the property can be sold for. The lender (bank) agrees to accept a discounted payoff(less than the total amount due), meaning the lender will release the lien that is securing to the property upon receipt of less money than is actually owed in hopes of avoiding a mitigating and impending loss.

When the short sale enters escrow, it is likely to include restrictions from the lender on closing costs and the payoff amounts to the lender and creditors. Throughout the escrow process, the seller and the real estate agent should be proactive about the numbers that the lender will see. Take care to include every possible expense in the seller's net sheet and be aware of the bottom line as the process unfolds.
If you are in a short sale situation, don't feel alone or trapped. You do have options. However, short sales are very complicated and should only be handled by an experienced professional.


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Short sale basics

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