Common Foreclosure & Short Sale Facts:

What is a Short Sale?

A real estate Short Sale is when a Lender agrees to sell your home at a price that is less then what is currently owed on the property. In most cases banks will accept a short sale instead of foreclosing on the property. By accepting the short sale the lender can avoid a lengthy and costly foreclosure. This is also known as debt forgiveness.

What happens to my credit rating with a short sale?

Typically the loan will show up as "paid" on your credit report; however there will be a notation that says something like "settled for less than originally owed".  Naturally it is more favorable for a homeowner to have a short sale rather than a foreclosure on their credit report.

Dos & Don´ts of a Short Sale

What you need to do if you can´t make your monthly mortgage payments is take action. You may not be able to keep your home, but you can avoid having a foreclosure and save your credit. You must act now!  I can help you negotiate with both the lender & bank. 

What is a Foreclosure?

Home foreclosure is a process in which a lender reclaims a property which they have financed. This usually occurs when the homeowner is behind on their monthly payments and is unable to become current. Generally this is due to a circumstance or hardship which occurs that is out of a homeowner´s control.  When a foreclosure takes place, the homeowner must vacate the home forfeiting the property and any possible equity. The time frame in which this process takes can vary. The foreclosure process is the only recourse that the bank has to reclaim their money.

Losing a home can be a very painful experience.  If you are facing foreclosure all hope is not lost!  Do Not Give Up. I Want To Help!  Please let me assist you.  I have extensive training and experience in all aspects of short sales & foreclosures.  I have helped many homeowners save their credit, self esteem & integrity.