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A short sale happens when a home owner can no longer afford to make payments on the home, and find that they can not sell the home for enough money to cover paying back what they owe to the bank. The home owner can plea with the bank that they can no longer afford the home and wish to get out of their financial arrangement with the bank.

The bank will then ask for the home owner to prove that they have a financial hardship by providing information such as bank statements, proof of lose of job or serve reduction of income or proof illness or injury or anything else that has affected their ability to pay. Also if the home owner has failed to make a payment it also shows the bank that the owner is in such financial strains that they are now risking their credit score taking a hit because of such a hardship. After the bank reviews the situation, if the bank feels the situation looks impossible for the home owner to proceed with making payments they will grant them a chance at trying to sell their home short of what is owed on the loan. This is where the term short sale come from, its simply paying the bank less than what is owed and the bank forgiving the difference owed.

a quick example is:

You paid $500,000 for your home. the homes value has gone down to $400,000 and if you were to sell it even at for the $400,000 you will still have roughly 8% worth closing cost to payout which would leave the equity total at $368,000 to pay back the bank. thats about ($368,000 - $500,000) -$132,000 short of what you owe.

With the pandemic hurting the economy it is no surprise that more and more homeowners are finding themselves in trouble keeping up with payments on their homes. Those that took forbearance find themselves in a even worse position of having to come up with an unreal amount of money due all at once. Its almost like the banks set you up to fail.

The worst part of all this, if you don't take action quickly you may be on the devastating road to foreclosure.

While many homeowners may be feeling hopeless about selling their homes or falling behind on mortgage payments, there maybe alternatives to foreclosure such as: Traditional home sale if there is enough equity, Loan Modification, and Short Sale your Property. Banks are very aware of the declining market across the nation, and it's because of this most all the banks are willing to consider any of these options.

Our team can help you decide what option is best for you. We can tell you if there is enough equity to sale your home traditionally which could be your first option. If you like to keep the home then a loan modification is your next best option. One warning about modifications reports show that 80 % of those who took modification back during the great recession end up defaulting on the payments within the next 18 months, and end up losing the home anyways to foreclosure.

Short Sale specialists have the experience and knowledge to negotiate on your behalf with your bank to arrange a Loan Modification, Refinance, or do a Short Sale. But, timing is critical. Don't wait until the last minute to contact us. If you know that you're going to have to move soon, or know that you're going be falling behind in mortgage payments, contact us now.

Our experience, negotiating skills, and determination will help you get out of your mortgage debt problems and move on with your life in a stress free and efficient way. Let our vast expertise work to your advantage... and it's FREE to you. A quick call and a few questions can help us determine which is the best solution to fit your current situation. After we collect some basic information we can make an appointment for a Free in-home consultation to go over an effective plan of saving your home and/or avoiding foreclosure.


To get started with a FREE Short Sale consultation, call us today at:





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