Foreclosure Avoid Foreclosure and save your credit with a short sale! What is a short sale? In real estate, a short sale or short payoff is when the outstanding loan against the property is greater than the current market value of the property itself. Negotiating with banks can be a difficult task unless you hire someone with experience at convincing the bank the short sale is best for everyone involved. The process is long and arduous and the negotiator needs to be diligent. From the lender's prespective the short sale mitigates the loss of having the property go into foreclosure. In a short sale the lender has more control in the selling process and most lenders realize the short sale will save them time and money. If a property is forclosed the lender must deal with: eviction of the occupants, attorney's fees, time delays dealing with the borrower's bankruptcy, cost of a resale, losing out on decent offers through an REO, possibly having the property go to auction for pennies on the dollar, and damage to the property. Not everyone is eligible for a short sale because there are certain criteria that must be met by every borrower. There are also possible tax ramifications where you should consult appropriate advice. Give me a call because I really care and want to help you. All information remains confidential and there is no financial obligation to you for the initial consultation. Brian Leslie Give me a call and let’s get together. |
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