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2010-07-13 11:37:35
Is a Short Sale Right for you?

The U.S. Government estimates that by the end of 2010, half of home owners with mortgages will owe more than their home is worth. While loan modifications offer a good short-term solution, many home owners facing financial hardship need the financial relief and debt forgiveness that can be obtained through a Short Sale.

  • Our team will guide you through the entire process and answer any questions you have along the way.
  •  Our services are Absolutely Free to you. Your lender pays ALL fees and closing costs
  • Our goal is to get you forgiven of your mortgage debt 100%, regardless of what you owe on the property.
  • We are not investors looking to profit from your misfortune; we are your real estate agent with fiduciary duties to your best interests.

Short Sale Benefits

The primary advantage to a short sale vs. foreclosure is that in a short sale, the debt is settled and you no longer owe the bank any money. You are forgiven of the debt. If you let your home foreclose, the bank may go after you for a civil deficiency judgment.

A secondary advantage is that in a short sale, your credit takes much smaller hit compared to a foreclosure. The impact on your credit will vary depending on how many payments you have missed and how established your credit is at the time of the short sale or foreclosure.

Lastly, a short sale is viewed as the responsible route to take given the situation. Fannie Mae & Freddie Mac revised their guidelines in August of 2008 with regard to how they view future borrowers who have filed bankruptcy, gone through foreclosure or done a short sale. Through these new guidelines, they are severely penalizing those who go the route of foreclosure or bankruptcy, and rewarding or encouraging those who do short sales.

Per recent Fannie Mae / Freddie Mac guidelines, borrowers who file bankruptcy or go through foreclosure have to wait up to 7 years to buy another home.

In contrast, the new guidelines stipulate only a 24 month waiting period after a short sale, so borrowers who do a short sale can buy again in just 2 years.

Will You Qualify?

Contact us today and we can tell you very quickly whether you will likely qualify. The overwhelming majority of our clients are approved for a short sale because:

  1. We know how to submit the short sale package in such a way that the lenders will approve them.
  2. We have a tremendous amount of experience with short sales and negotiating with the lenders
  3. We know exactly what the lender is looking for.

Not all homeowners qualify for a short sale. However, if you are having a financial hardship and have limited assets, qualifying for a short sale shouldn’t be a problem.  Here are some examples of financial hardships:

  • Unemployment
  • Reduced Income
  • Medical Bills
  • Job Relocation
  • Too much debt
  • Military Service
  • ARM Loan Adjustment
  • Disability
  • Death of Spouse
  • Divorce/Separation
  • Business Failure
  • Incarceration
  • Illness

Call Joseph Mills (Principal Broker, Realtor) directly at 801-971-2542 for more information.

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2016-10-27 11:31:32
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2010-07-13 11:37:35
Is a Short Sale Right for you?

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Salt Lake County Duplex Sales Statistics 2009

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