A homeowner is "short" when: 

A borrower owes an amount on his property that when combined with closing cost and commission is higher than current market value.  In order for a bank to accept a short sale, the borrower must have a demonstrable financial hardship.  They will have to prove this hardship through a signed letter that will be submitted to the mortgage company along with additional documentation.  This is an involved process that takes time, patience, good communication skills, organization skills and professionalism.

A short sale occurs when:

A negotiation is entered into with the homeowners mortgage company or companies to accept less than the full balance of the loan at closing.  A buyer closes on the property and the property is "sold short".

No one buys a home thinking it will result in a pre-foreclosure and eventually sale as a short sale or worse become a foreclosure. These homeowners have every right to feel upset, frustrated, confused and embarrassed.  Many successful people, families, investors just like you and me find themselves with no easy solution. - I know many wonderful people that have worked hard and due to the economy, loss of a job, payment increase of their mortgage, business failure, separation, divorce, illness, death of a loved one,severe illness, medical bills, military service,  too much debt  or even broken parts on a car find themselves less than 60 days away from a financial crisis. 

In a foreclosure everything and everyone is affected- families, neighborhoods, buildings, counties, towns, our state and ultimately our Country as a whole. This is a negative ripple that may not have to happen.  

There are some options for the homeowner:

Reinstatement

Forbearance or Repayment Plan

Sell the Property

Rent the Property

Refinance

Mortgage Modification

Short Refi

Deed-in-lieu of Foreclosure

Bankruptcy

Servicemembers Civil Relief Act (SCRA)

Short Sale 

A person's home is typically the single largest financial investment most people will make,  The stress of relocation even under positive conditions can cause depression, anxiety, illness or even a condition known as "Relocation Stress Syndrome".   Given this can happen in a positive elected relocation situation, imagine what a seller must be going through who is in financial distress and is being forced to consider moving as his/her only option.

Shift this burden on us, we have a caring staff that has the patience to stick with you and help you through this. 

Kris Cawley