Are you facing foreclosure but cannot sell the house because the total amount of debt on the property is more than the property’s value itself?

If so, that is extremely concerning because you are not only facing the reality of foreclosure and ruined credit scores but also the inability to borrow any financing in the next 4-7 years. Additionally, you most likely will be pursued for the outstanding debt amount on your personal name.

Here is something you might want to know.

Depending on the type of loan and lender, you might qualify for a short sale program. This is when the mortgage company allows the homeowner to sell the property for less than what is currently owed on the mortgage.

And what about the outstanding or deficiency debt amount once the short sale is successful?

It will be forgiven, and the impact on your credit and mortgage rating will be significantly alleviated compared to the alternative, which is foreclosure.

However, it is an extremely complicated process to qualify, appeal, negotiate, and carry through to closing. Nationwide, less than 23% of short sale cases that are started are successfully sold. The reasons vary from a lack of paperwork to incorrect filing and a lack of negotiation experience, among others.

So, not only do you want an agent to represent you in getting a short sale through, but you also want an agent who is an expert at short sales and negotiating them. You want someone who has processed hundreds of short sales nationwide and successfully represented hundreds of owners from start to finish.

Moreover, it’s important to note that homeowners can take advantage of a short sale without incurring any costs. Your mortgage lender will directly cover our representation fees. By choosing a short sale, not only can you prevent foreclosure, but your outstanding debt will also be forgiven, while we assist you in reallocating funds.