Stop Foreclosure Buy Short Selling Your Home Free Service in Columbus, Georgia For Sale

Ian Hutchins
770-820-xxxx
SoldBuyIan.com
KELLER WILLIAMS REALTY
Serving Fulton, Dekalb, Gwinnett, Cobb, Clayton, Forsyth
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Find Out If You Qualify To Do A Short Sale!
Frequently Asked Questions & Answers About Short Sales....
What is a Short Sale?
A short sale in real estate is a special sale of a home where the lender is paid an amount that is LESS than the current mortgage balance owed on the home. This can only be done when the lender agrees to the lower sale price after the seller proves a hardship has created the need for this arrangement.
Who qualifies for a Short Sale?
Generally a Short Sale is granted by the lender to homeowners who have experienced a financial hardship that prevents them from continuing to pay on the mortgage. Rather than foreclose on the home, which is a huge expense to the lender and very devastating to the homeowner's credit, a Short Sale may be done instead of foreclosure.
Some of the common hardships that lead to a Short Sale are: loss of a job; a serious illness; divorce; financial stresses from liens or delinquent taxes; or even the death of a spouse or loved one.
Will I receive any money at the closing of my home?
Generally no, however a new program Home Affordable Foreclosure Alternatives Program (HAFA) may allow the homeowner to receive 3,000.00 to be used for relocation expenses. As of xxxx, the Treasury Department introduced HAFA program to provide a viable option to homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP).
Would it be easier to let my home foreclose?
On one hand, yes it is easier because the seller really doesn't need to communicate as often with the lender. However, there are some potentially damaging consequences. In some states, a lender may seek a deficiency judgment following a foreclosure to try to get back the money you still owed on the home. The lender may then try to place liens on other properties, garnish your wages, or even repossess vehicles to recoup their losses. This is why a Short Sale may be a better option for a distressed homeowner in that a deficiency judgment and the negative consequences might be avoided. For more detailed information, seek advice from your CPA or legal counsel.
What is the seller's advantage for doing a Short Sale?
Well, one of the best reasons to do a Short Sale is to try to avoid a lender from pursuing a deficiency judgment against the homeowner. The next reason is preserving the homeowner's credit.
Both a foreclosure and a short sale will negatively impact a homeowner's credit; however, a foreclosure is much worse. Foreclosures will remain as a public record on a person's credit history for 7 years or more. This will hurt the person's ability to get a new home loan and will put him or her in a high risk category causing much higher interest rates. It could also impact career choices as many employers now check a person's credit report as part of the hiring process.
Will filing for Bankruptcy affect a short sale?
Yes, if you have put the home under bankruptcy protection then the home cannot be sold as a short sale until the home is released or discharged from the bankruptcy. Notify your real estate agent to discuss the options available to you.
Why do banks and lenders accept Short Sales?
At first it seems hard to believe that a bank would be willing to so deeply discount the sale of a home until you look at the situation from their perspective. If a bank forecloses on a home they must repossess it, make repairs, change the locks, and pay for a variety of legal fees. A short sale often costs less than what it cost to foreclose on the home, so the bank has actually saved money. Another reason is that in this distressed housing market with so many foreclosures, the bank doesn't want too many foreclosures (or bad debts) on their books. This prevents them from borrowing more money from their resources, so they are unable to give out new loans to increase their revenue streams.
Ways To Prevent Foreclosure
A short sale is one of many ways a homeowner can prevent a foreclosure. Whether you are an investor or homeowner faced with a foreclosure we believe you should know and understand all of your options. A short sale is often the best option available to the homeowner but knowing all options is in the best interest of all parties so an informed decision can be made.
For the purpose of instruction we will assume you are a homeowner facing foreclosure.
Foreclosure Rules
Rule #1: Contact your lender right away to discuss your options.
Rule #2: Never ignore the lender's letters or phone calls.
Rule #3: Ask the lender for a reinstatement or repayment plan.
Rule #4: Know your options
1) Reinstatement
Reinstatement might be possible when you are behind in your payments but can promise a lump sum to bring payments current by a specific date. Call the lender and ask to speak with the workout department. The lender would prefer to have the loan reinstated and have you stay in the home then to foreclose on the property.
2) Repayment Plan
If your account is past due, but you can now make payments, the lender may agree to let you catch up by adding a portion of the past due amount to a certain number of monthly payments until your account is current.
Example. You fall 5 payment behind on your house
3) List The Property With A Realtor
Selling Price: $500,000