Are You Having Problems Making Your Monthly Mortgage Payments?
You are Not Alone!
Homeowners throughout the US are behind on their mortgage payments. Many need to sell, but have realized the equity in their homes has vanished. Worse, they now owe more to the bank than the present value of their homes….
Homeowners feel trapped. Options seem limited. But there is hope!
Real estate agents trained to work with folks that have been affected by the housing and economic crisis are available; providing options, solutions, and helping homeowners on the road to recovery.
What is a Short Sale?
A SHORT SALE is any sale of real estate where the net proceeds fall short of the balance of the mortgage; and where the mortgage company agrees to accept less than the full payoff amount. Both the homeowner and the mortgage company agree to the sale.
Why Does A Mortgage Company Accept A Short Sale? Why Should The Homeowner Consider Selling Short?
The Mortgage Company can avoid a costly foreclosure which usually involves hefty legal fees and marketing time lost. According to the Joint Economic Committee of Congress the average foreclosure costs $77,935 while preventing a foreclosure costs a mere $3,300. Also, a foreclosure can be ruinous to a homeowner’s credit for years to come. While a short sale is generally much less damaging to credit over the long term.
Homeowners who are successful in completing a short sale are many times forgiven large sums of money; oftentimes without a deficiency judgment or requirement to repay! And, many consider the emotional closure afforded by a short sale – something not possible in a foreclosure – the greatest benefit of all.
What in the World is HAFA?
What is a CDPE?
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.
Will I Qualify For A Short Sale?
If you are experiencing any type of hardship today (i.e. loss of job, death in family, reduction of income, divorce, separation, illness, transfer, too many bills) you may qualify for a short sale.
You do not need to be behind in mortgage payments to qualify for a short sale of your home.
Are Short Sales Complicated?
Short sale transactions can be complex. Homeowners are expected to follow a myriad of specific guidelines, incorporated by the mortgage company, as well as by the investor(s) of the mortgage notes. Further, each mortgage company is different, with their own specific rules and guidelines. The result is a complex and challenging process the average homeowner is usually not ready for.
A mortgage note may be owned by several investors, in different parts of the world, thus requiring multiple negotiations with respect to what each investor will accept as a loan payoff. To further complicate things, when a second or third mortgage on their house is involved, the level of complexity increases almost exponentially. New US Government Programs like HAFA may help facilitate short sales, but they these programs also have many guidelines and procedures (see embedded video).
How Can River Realty Services Help?
If you’re not currently working with a real estate agent, our CDPE led team of expert agents can qualify you over the phone to determine if you are a good candidate for a short sale. Once qualified, one or more of our agents will personally meet with you at your home to layout steps, strategies and goals to sell your house. Avoiding foreclosure, eliminating some or all of your mortgage debt and planning for you future may all be possible with an effective strategy back by an experienced agent.
Yes! I want to take the first step to see if a short sale is right for me.
Please contact me and send me additional information.
Mars Act Disclosure:
This page is a disclaimer required on behalf of the Federal Trade Commission
MORTGAGE ASSISTANCE RELIEF SERVICES DISCLOSURE
The following disclosure is made pursuant to the Federal Trade Commission’s MARS Rule (16 C.F.R. §322 et seq.).
IMPORTANT NOTICE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us a commission for our services (please call the office 845-564-2800 x116 to speak to an agent or managing broker for commission information details). River Realty Services, Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
IMPORTANT NOTICE: River Realty Services, Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
Page Disclaimer- All information is provided for informational purposes only and is not legal advice. Consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.Listing your home for sale and attempting to do a Short Sale is a possible solution to avoiding foreclosure, but not a guarantee that your lender won't foreclose or pursue other means of collecting the unpaid debt between what you owe and what the home may sell for.