Tips To A Successful Short Sale For Homeowners

Here is a good article that you may find useful if you are experiencing difficulties or anticipate difficulties making mortgage payments 

 

7 Tips for Short Sale Success

 

 

Have to sell your home for less than it’s worth? Our seven tips will help you get the best price. Read 

When you owe more on your home than it’s worth, but you have to sell, you need to squeeze every dollar possible from the sale. Here are seven tips for navigating the short-sale process. 1. Know who you owe

A short sale has to be approved by any company that has a mortgage or lien against your home. That includes your first, second, or even third mortgage lender, your home equity line lender; your homeowners or condominium association; and any contractors who’ve placed a lien on your home. Make a list and start talking to everyone early in the process. Ask what documents they’ll need from you. 

Read more: http://buyandsell.houselogic.com/articles/7-tips-short-sale-success/#ixzz0ygdZjLMm

 

 

 

 

 

/Copyright 2010 NATIONAL ASSOCIATION OF REALTORS® 

As always, please feel free to contact us for a confidential consultation. 

Carol 

Carol Moson, REALTOR®
Sales/Instructor/Trainer
RE/MAX Greater Atlanta
ABR (Accredited Buyers Broker)
CRS (Certified Residential Specialist)
SRS (Seller Resource Certified)
GREEN
SFR (Short Sale and Foreclosure Resource)
EAH (Employer Assisted Housing)

Tags: bank, debt, mortgage, pay, short sales

Having Trouble Making Mortgage Payment?

Many homeowners today are trying to figure out how to make ends meet and sometimes you reach a point where you just cannot make it work any longer. Since the mortgage payment is usually the largest debt people have, that is often the first expense you consider cutting but don’t necessarily know what to do first.

We would suggest that you contact your lender immediately and let them know you are having trouble making the mortgage payment or that you are about to not be able to make the payment. (Please, this is only if this is truly the case). The bank will probably offer you several options but no matter which option you choose, they are going to want to see financial documentation to support your hardship claim.

One of the options the bank may offer is a loan modification. Not all banks are part of the federal programs so you will have to ask if the are part of the H.A.M.P.  (Home Affordable Mortgage Program) or H.A.F.A. (Home Affordable Foreclosure Alternative) programs.  If they are, meet the criteria they should offer you a modification first and if either they can’t do it or you don’t like the terms, you may then qualify for the alternate programs under H.A.F.A.

Under the H.A.F.A. program they may offer either a Deed in Lieu of Foreclosure (where you essentially turn over the keys and title), the Short Sale Option or they may tell you that you are too far behind and they are starting foreclosure proceedings.  If you decide to short sale your property, one requirement will be to list it with a real estate agent so be sure to choose someone who understands the “ins and outs” of a short sale. Part of the problem with getting short sales through is incomplete paper work so an agent with knowledge of the process is essential for you to have your best chances at a successful short sale.

As always, we are here to help however we can so please feel free to Talk To Carol -678-414-0760

If you would like a free, confidential consultation please click here

Click this link for more detailed information

Carol

Carol Moson, REALTOR®
Sales/Instructor/Trainer
RE/MAX Greater Atlanta
ABR (Accredited Buyers Broker)
CRS (Certified Residential Specialist)
SRS (Seller Resource Certified)
GREEN
SFR (Short Sale and Foreclosure Resource)
EAH (Employer Assisted Housing)

 

Tags: bank, buy a house, debt, foreclosure, home, house, mortgage, pay, sell a house, short sales

Short Sale Nugget From Carol

• 

  Foreclosure Alternative: The Short Sale

  A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how to get started. Read

Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

Some good points! If you would like a confidential consultation please contact me. I am an SFR which is Short Sale And Foreclosure Resource Certified and teach the course to others as well. Talk To Carol! 678-414-0760 direct. 770-973-9700 x 289 office
Carol Moson, REALTOR®
SFR, CRS, SRS, EAH, e-Pro
Sales/Instructor/Trainer
RE/MAX Greater Atlanta

Short Sale – When should you hire a REALTOR

One of the most frustrating things for us as your REALTOR is when a homeowner calls to try and short sale their house but they have already received the notice for auction. Once you have a date for the house to be sold on the court house steps it is very difficult to assist you, the homeowner.

Why is that? Well, the short sale process is anything but short and most banks won’t deal with the actual ”package” for a short sale until there is a contract on the house. This means the house has to be listed with us (or another REALTOR) and actively marketed in order to achieve a contract. 

In addition, your REALTOR MUST be experienced at short sales and know what needs to be done for a short sale or it will not happen.  Short sales are very different than foreclosures and require considerable paperwork and follow up and if the agent does not understand the process they cannot properly assist you. This is not just faxing a contract to the bank.

If you would like a free, confidential consultation please click the link below and we will contact you to discuss your options.  We are not going to mis-lead you or promise you something we cannot achieve but please call us as soon as you think you are going to have difficulty with your mortgage so we can best assist you.  Once you get to the “11th hour” our hands are pretty much tied.

Click here to request a FREE, confidential consultation. 

Carol

Talk To Carol! 

Carol Moson, REALTOR
Sales/Instructor/Trainer
RE/MAX Greater Atlanta
ABR (Accredited Buyers Broker)
CRS (Certified Residential Specialist)
SRS (Seller Resource Certified)
GREEN
SFR (Short Sale and Foreclosure Resource)
EAH (Employer Assisted Housing)

Tags: bank, buy a house, debt, foreclosure, mortgage, pay, short sales

Short Sale Homeowner Letter – Prove Your Case

Prove Your Case For Hardship

To prove your case, you’ll need to spend some time on a cover letter explaining your hardship and provide full financial disclosure; the original purchase contract; a balance sheet of your income and expenses; asset statements, proof of income; bank statements; two years of tax returns; pay stubs or job termination; and a professional who knows what they are doing!

Along with the required documentation, you stand the best chance of getting through the  short sale ordeal if the home is marketable; the second mortgage holder (if there is one) gets a cut or otherwise goes along with the deal; the same lender holds all mortgages; and there is enough time before foreclosure (at least about 4 months). The letter needs to be strong and to the point as the banks do not want to read a three page letter.

Carol Moson says, “From our experience, the two main reasons short sales fail are:

• Incomplete package sent to the lender
• Length of time for lender approval can cause buyer to walk away”

 

Buyers can also suffer lost opportunity.

Buyers risk the opportunity cost of losing out on another property if they are tied up in a long, protracted short sale negotiation which could potentially go on for months. In order for a short sale to be successful the agents involved need to understand the process and the seller need to cooperate fully in providing all the documentationt the lender(s) will want.

A short sale works in your favor if your mortgage debt is secured by your home and was used to acquire, construct or substantially improve your home.

If you have questions please feel free to call us.

Carol Moson, CRS, ABR, SRS, GREEN, e-Pro, SFR, EAH, REALTOR
Sales/Instructor/Trainer
RE/MAX Greater Atlanta
678-414-0760 direct
770-973-9700 x 289 office
carol@carolmoson.com

Tags: bank, buy a house, debt, foreclosure, home, house, mortgage, pay, sell a house, short sales

Short Sale Facts

The most common question we get is “What is a short sale?” So we’ll start there.  A short sale is simply when cannot you cannot sell your house for what you owe on it and the bank’s payoff with be “short” of what is owed them.  As the seller, if you are having difficulty or even forsee you will have difficulty making your mortgage payments, you have several options besides foreclosure: 

You can take money out of your personal accounts to pay the difference

 

You owe the bank the difference through a personal note for the balance owed them and you can pay it out over time

 

You can ask the bank to modify your loan

 

You can tell the bank you cannot sell for what you owe and have no money to pay the difference (which would be a short sale)

Many people are embarrassed about being caught in this situation but in today’s economy everyone is being hit with things they did not expect. It is better to have someone who knows what to do and how to assist you through the process than to do nothing. There are government plans in place to assist you so we are providing the link so you can check it out. It can be overwhelming so remember you can always Talk To Carol. 

Click here to see the Government website 

Carol is an instructor of the Short Sale and Foreclosure Resource Certification and understands the process. Carol and her team can assist you with the bank and with listing your home so you can accomplish what you need to do. 

Click here to request a FREE, confidential consultation. 

Talk To Carol! 

Carol Moson, REALTOR
Sales/Instructor/Trainer
RE/MAX Greater Atlanta
ABR (Accredited Buyers Broker)
CRS (Certified Residential Specialist)
SRS (Seller Resource Certified)
GREEN
SFR (Short Sale and Foreclosure Resource)
EAH (Employer Assisted Housing)

Tags: bank, debt, foreclosure, mortgage, pay, short sales

What Will The Bank Need To Approve A Short Sale?

Another question we are often asked is “If I decide to do a short sale, what will the bank need from me?”

That is a GREAT question and it may vary slightly from lender to lender but be prepared to give them FULL financial disclosure including all income and all debt, savings, retirement, money market, etc.

Most banks will now require your home to be listed with a real estate company among other criteria. We are attaching a guideline as to what to be prepared to provide the bank. Below is a link to the guideline but again, please keep in mind banks may each have their own requirements. If you need assistance or some counseling as to whether you may be a good candidate for a short sale please feel free to contact me directly.

Hope this helps and remember…..Talk To Carol — 678-414-0760.              Click here for the information you may need.

If you would like a free, confidential consultation click here to fill out a request.

Talk To Carol!
Carol
Carol Moson, REALTOR®
678-414-0760
Sales/Instructor/Trainer
RE/MAX Greater Atlanta
ABR (Accredited Buyers Broker)
CRS (Certified Residential Specialist)
SRS (Seller Resource Certified)
GREEN
SFR (Short Sale and Foreclosure Resource)
EAH (Employer Assisted Housing)
carol@carolmoson.com

Tags: bank, buy a house, foreclosure, home, house, pay, sell a house, short sales