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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
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