Whether you are looking to purchase a short sale/foreclosure or need help in selling one; I can help. Use the tools below and my experience to help make your transaction a smooth one.
Forclosure vs Shortsale
Foreclosure defined: A foreclosure is a legal process by which a borrower becomes deliquent with their mortgage payments and the lending bank reclaims the property.
Options for Distressed Homeowners:
- Refinance
- Sell and bring cash to closing
- Lender workout
- Short sale
- Deed in lieu of foreclosure
- Foreclosure
- Do nothing and walk away
There are several government and county level programs to help guide distressed homeowners through these options. Click on the following links for more information:
U.S. Dept of Housing and Urban Development: www.hud.gov/foreclsoure
AHOME - Arlington Home Ownership Made Easier, Inc.: http://www.ahomeinc.org/
Making Home Affordable: www.makinghomeaffordable.gov
Loan Modification Programs: www.hopenow.com
Short sale defined: A short sale occurs when the seller owes more money on the loan than the house will sell for on the open market and the lender accepts less than what is owed.
Sellers who want lenders to agree to a short sale must qualify. These qualifications include the following:
- The market value of your home has dropped
- You must be behind (or at risk of falling behind) on your mortgage payments
- There must be a valid hardship (i.e., job loss, illness and medical costs, divorce, death of a spouse, natural disaster)
- You must not have any other assets that could be sold to help pay for the mortgage
Benefits of a short sale versus foreclosure:
- The homeowner's credit score will be damaged, but not as much with a short sale versus a foreclosure
- Lessens the impact a foreclosure can have on a surrounding community
Always consult financial, tax, and legal professionals when considering a short sale.
There are several government and county level programs to help guide distressed homeowners through these options. Click on the following links for more information:
U.S. Dept of Housing and Urban Development: www.hud.gov/foreclsoure
AHOME - Arlington Home Ownership Made Easier, Inc.: http://www.ahomeinc.org/
Making Home Affordable: www.makinghomeaffordable.gov
Loan Modification Programs: www.hopenow.com
