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Short Sell is an alternative way of selling your
home Lenders have become more lenient, allowing people
to short sale their homes because forclosure can be
more costly. The federal government has stepped in and
created programs like the HAFA (Home
Affordable Foreclosure Alternatives), to assist
homeowners who are upside down on the mortgage.
Here
is the short sell definition:
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A homeowner is 'short' when the amount owed on his/her
property is higher than current market value.
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A short sale occurs when a negotiation is entered
into with the homeowner's lender(s) to accept less
than the full balance of the mortgage at closing.
A buyer closes on the property, and the property is
then 'sold short' of the total value of the mortgage.
Homeowners
must fall into any or all of the following circumstances,
to qualify for a short sale:
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Financial Hardship – There is a situation
causing you to have trouble affording your mortgage.
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Monthly Income Shortfall
– In other words: "You have more month than
money." A lender will want to see that you cannot
afford, or soon will not be able to afford your mortgage.
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Insolvency
– The lender will want to see that you do not
have significant liquid assets that would allow you
to pay down your mortgage.
This
seems simple, but it is a complicated process that takes
the expertise of an experienced professional. Mike
holds the CDPE® Designation and is ready
to identify all possible options for you and assist
in the quick execution of a short sale transaction if
you quailfy for one.
If
you have questions or feel you may qualify for a short
sale, please contact Mike for a free consultation.
Understanding
your options now, could make a profound difference for
your finaicial future.
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