Been served with a notice of foreclosure? 

What is a Short Sale? 
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Why would my bank accept less than what is owed on my mortgage?

Banks are in business of lending money, not owning real estate. The expense of a foreclosure and/ or holding and maintaining a property if it does not sell at the foreclosure sale is very costly. Most lenders agree that what seems like a loss on the mortgage will actually save the Bank money by utilizing the Short Sale Process.

How do I get started?

It’s easy! If you would like to see if you qualify with your specific Bank for a Short Sale. 

 We will start the process with your Bank. If you are not working with a Realtor, we have relationships with Realtors that understand our process and will work diligently towards a successful transaction.

If I do a Short Sale, how much will I have to pay to sell my home?

We do not charge you for our services. In most cases, you will not pay any transaction costs if your Bank approves the Short Sale.

What types of hardship would my lender consider?

That will depend upon the Bank considering your Short Sale request. Below is a list of “hardships” that may be accepted:

  • Job loss or Significant Loss of Income
  • Family illness or injury
  • Job relocation
  • Divorce or split of Domestic Partners
  • Death of Spouse
  • Too much accumulated debt
  • Military Service

I am current on my mortgage, so will my Mortgage Servicer consider a Short Sale?

The answer is, maybe. Banks will consider a Short Sale offer on a mortgage loan that is not delinquent. Other Mortgage Servicers will not consider a Short Sale unless you are delinquent.

Do lenders approve all Short Sales?

The answer is maybe. But we have extensive experience at getting Short Sales approved.

I have a second mortgage on my property, so can I still do a Short Sale?

Yes. We work with the Bank that holds the second mortgage; it is important, that you let us know if you have a second mortgage, HELOC, home equity line of credit, or any  other type of lien against your property such as a Home Owners Association lien, tax lien ,etc.

My property is in bad shape and needs work; can I still do a Short Sale?

Absolutely, Banks often take into consideration repair costs as a factor, when determining whether to approve a Short Sale offer.

I am concerned about my credit, so how will a Short Sale affect my credit?

The goal is to avoid foreclosure. It is important that the Homeowner understands there is a difference of Credit Score reduction that will result utilizing a Short Sale, versus a Foreclosure.  In the case of the Short Sale, credit is damaged and may be repaired in 2 years, vs 7 years in a Foreclosure. Credit scores have been known to drop as much as 250 points with a foreclosure; where in a Short Sale 100-150 points. So we can see that Credit Score ramifications are lessened by doing a Short Sale vs a Foreclosure.

May I benefit in anyway from a Short Sale?

No, the Short Sale is designed to get you out of your mortgage debt rather than going through the entire foreclosure process. Upon completion, you will be vacating the property, as you would, if you were going through a normal sale of the property or a foreclosure.

Do I have to use a Realtor and is there a benefit to using a Realtor?

You do not have to use a Realtor, but typically, it is recommended. If you currently do not have a realtor, we will help you find one experienced in Short Sales. Most realtors using our system will confirm that using technology, is the most expedient way to get a Short Sale approved.

What if my home is not worth what I purchased it for?

This is exactly the scenario for a Short Sale, when you can only sell the home for less than it is currently worth.

How much will it cost me?

Zero, We do not charge you for these services.