Short Sale or pre-foreclosure

Per the Wikipedia encyclopedia in real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.

A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property.

Do I need to sell my home?

Maybe, there are option for you to keep your home but this determination has to be made with a help of a housing counselor and your mortgage company. The mortgage company needs from you certain ap-to-date information before they can give you their available options to you and one of the options maybe a short sale.

What is the determination on when your home needs to be sold?

• Either contact your lender directly or
• Contact a local housing Counselor to help you with this decision.
• The housing counselor can NOT direct you to a specific REALTOR to use. You can use any REALTOR of your choice to sell your home

REMEMBER:

• Contact your mortgage company as soon you realize you have an issue.

• Do not ignore the issue

• When you receive mail from your lender, open it. It might be an loss mitigation offer you could miss.

• Find and read your mortgage paperwork

• DO NOT PAY any money to a foreclosure prevention company, loss mitigation is FREE to a homeowner, rather use the money to pay your mortgage.

• When you need to sell the home contact any REALTOR of your choice.

• A short sale WILL NOT stop the foreclosure process

• DO talk to your Tax advisor for the possible tax implications you might face in a foreclosure or with a short sale.

For more information about short sale and Loss mitigation feel free to contact our office