With a short sale, your bank or finance company may agree to accept less than you owe on your
loan balance due to your financial situation or hardship (Loss of job, reduction in income, loss of
family member, divorce, increasing payments on your mortgage). You then sell your home for less
than the balance of the loan, and all sale proceeds goto your lender. Neither you or your lender
receive financial gain or benefit from the sale. It may cost the bank less when agreeing to a short
sale than continuing the foreclosure process. Some say that a short sale might have less effect on
your credit than foreclosure. It does not relieve you of the remaining balance on your mortgage
unless it is clearly worded in the offer acceptance and sale contract.
Your lender will have loss mitigation department or counselor that make the decision if they will
agree to a short sale. They typically have criteria established for such transactions and you will
need to provide them with documentation reflecting your current financial situation (Short sale
package). Your bank will then determine a probable sale price and value using an appraisal or
Broker Price Opinion (acronym BPO).
Your lender may accept short sale offers or requests for short sales prior to a Notice of Default.
The good news is that, unlike in prior months, banks are typically more willing to accept short sales
in this current market where foreclosures in Riverside and San Bernardino Counties are on the
rise. This can be a real benefit to "under-water" homeowners that owe more on their mortgage
than their home is currently worth and may not be able to sell for what they owe.
loan balance due to your financial situation or hardship (Loss of job, reduction in income, loss of
family member, divorce, increasing payments on your mortgage). You then sell your home for less
than the balance of the loan, and all sale proceeds goto your lender. Neither you or your lender
receive financial gain or benefit from the sale. It may cost the bank less when agreeing to a short
sale than continuing the foreclosure process. Some say that a short sale might have less effect on
your credit than foreclosure. It does not relieve you of the remaining balance on your mortgage
unless it is clearly worded in the offer acceptance and sale contract.
Your lender will have loss mitigation department or counselor that make the decision if they will
agree to a short sale. They typically have criteria established for such transactions and you will
need to provide them with documentation reflecting your current financial situation (Short sale
package). Your bank will then determine a probable sale price and value using an appraisal or
Broker Price Opinion (acronym BPO).
Your lender may accept short sale offers or requests for short sales prior to a Notice of Default.
The good news is that, unlike in prior months, banks are typically more willing to accept short sales
in this current market where foreclosures in Riverside and San Bernardino Counties are on the
rise. This can be a real benefit to "under-water" homeowners that owe more on their mortgage
than their home is currently worth and may not be able to sell for what they owe.
Avoiding Foreclosure - What is a Short Sale?
IMPORTANT LINKS FOR HOMEOWNERS
Loan Modification Fraud: foreclosure assistance fraud - loan modification scams from the Attorney General.
Foreclosure Help Fraud: Tips for avoiding mortgage assistance fraud from Freddie Mac.
Foreclosure Rescue Scheme: Scam artists target unsuspecting and desperate homeowners.
Housing Counselors: Government approved housing counselors.
HOPE Program: Government assistance program and attempt by our government to assist delinquent buyers.
Foreclosure Help Fraud: Tips for avoiding mortgage assistance fraud from Freddie Mac.
Foreclosure Rescue Scheme: Scam artists target unsuspecting and desperate homeowners.
Housing Counselors: Government approved housing counselors.
HOPE Program: Government assistance program and attempt by our government to assist delinquent buyers.
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welcome to:
| Mission Grove Realty Inc. |
Short Sale Solutions Team
Avoiding foreclosure 1 client at a time.
Avoiding foreclosure 1 client at a time.
| If you are about to lose your home and you are behind in your mortgage payments, a short sale or loan modification may not be right for you. We recommended that you consult with a real estate attorney and your tax professional as they have unique tax and legal implications. Our agents have assisted homeowners with short sales involving lenders and banks like: Bank of America, Wachovia, Wells Fargo, Saxon Mortgage, chase and City Financial. If you have received a notice of default (NOD) you must act quickly as there are time frames that must be met. |
| Mission Grove Realty, Inc. #01848737 (951) 927-8940 |
There are many considerations before making the decision if a short sale is right for YOU. This is
where we come in. We can provide the information and tools you must have to make the right
decision and avoid some of the implications involved with a short sale. These can include legal
implications where an attorneys advice must be sought (We are not attorneys and can not provide
legal advice). We can let you know when the time is right to contact a real estate attorney. There are
possible tax implications that could leave you owing the IRS or Franchise Tax Board thousands of
dollars in additional taxes and could be avoided with 1 simple step.
If you have made it this far, chances are, you really do need our help. And our help wont cost you a
thing so, stop by our office, pick up the phone, or send us an e-mail and rest a little easier tonight.
where we come in. We can provide the information and tools you must have to make the right
decision and avoid some of the implications involved with a short sale. These can include legal
implications where an attorneys advice must be sought (We are not attorneys and can not provide
legal advice). We can let you know when the time is right to contact a real estate attorney. There are
possible tax implications that could leave you owing the IRS or Franchise Tax Board thousands of
dollars in additional taxes and could be avoided with 1 simple step.
If you have made it this far, chances are, you really do need our help. And our help wont cost you a
thing so, stop by our office, pick up the phone, or send us an e-mail and rest a little easier tonight.
Simply put, a short sale is selling your house for less than you owe.
Rest A Little Easier Tonight. We Are Here to Help
951.927.8940
