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Foreclosure/Short Sale InformationIf you are in financial difficulty and are considering giving up your home to the bank as a result of a foreclosure proceeding, first consider the possibility of a short sale.
A short sale is a process where the lender agrees to accept a price for the sale of you home which is less than the balance due on the mortgage. Most if not all lenders will consider this as an alternative to foreclosure since it can make more financial sense for both parties.
The lender benefits because it can get the best market price without legal and other costs associated with a foreclosure proceeding. More importantly, you benefit because the negative impact on your credit score can be as much as 100 points less through a short sale than a foreclosure and you may be able to avoid paying income taxes on the amount the mortgage exceeds the sale price. Perhaps the greatest benefit of a short sale is that the lender agrees to accept the proceeds from the sale of the house as complete satisfaction of the loan and does not go after the owners for any short fall.
Lenders want to deal with a realtor rather than with the homeowner since they want the house listed in multiple listing service and want the house marketed properly. This does not cost you anything! The lender pays the commissions and we do not charge any fees to the homeowner. You must understand, however, that you will not get any money from the sale of the house.
We are in a unique position to help you in the process, not only because it requires a substantial record keeping, disclosure and other documentation requirements, but since we have a large rental department we can help find a home which you can afford.
Please call us and speak to Al Wetzel who can help you through all of this.
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