F A Qs
1. What is a Short Sale?
2. Who are the players involved in a short sale?
3. Do I need a special Realtor?
4. Why would my lender agree to a short sale?
5. Why would the seller agree to do a short sale?
6. Is a short sale right for me?
7. What sort of hardship would my lender consider legitimate?
8. Is the seller responcible for the deficiency?
9. What about my credit?
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10. Are there any tax consequences of doing a short sale?
11. Why should I use Your Short Sale Partner?
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12. If I am current on my mortgage, will my lender consider a short sale?
13. Can I still do a short sale if I have more than one loan?
14. My property is in rough shape and needs work, can I still do a short sale?
15. Who pays Your Short Sale Partner for their help?
1. What is a Short Sale? Hollywoodland movies
A short sale is a voluntary sale of a house, where the mortgage lender agrees to take less money than what is owed to them, due to a financial hardship on the part of the seller.
2. Who are the key players involved in a short sale?
* Financially Distressed Homeowner/ Seller
* The Buyer
* The Real Estate Agent(s)
* The Lender & all other Lien Holders
* The Short Sale Manager – this should be an independent consultant (Your Short Sale Partner) hired to structure and facilitate the proposed short sale transaction.
3. Do I need a special Realtor?
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Not really! With the help of “Your Short Sale Partner” any real estate agent can list a house. We do urge you to select the best agent possible. If you do not know a good agent, call Your Short Sale Partner and we will find you the best agent in your area.
4. Why would my lender agree to a Short Sale?
The lender will not do this out of the goodness of the heart!!! If it can be proved that it is the lenders best financial interest, then they will most likely do a short sale. They must come to the conclusion that they will lose more money by carrying out the forclosure.
* It should be noted that the lender is under NO obligation to do a short sale!!
5. Why would the seller agree to do a short sale?
* A short sale is less damaging to their credit file than a foreclosure.
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* A foreclosing lender will ultimately sue the homeowners for the balance of what is owed,
which almost always results in the homeowner having to file bankruptcy.
* Most of the time (not always) the lender will accept the short payoff as settlement in full (not holding the seller liable for the deficiency).
* Avoid the stigma of a forced, public sale.
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* Preserve dignity by having some control of the selling /moving process.
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Mortgage lenders are increasingly willing to work with borrowers faced with a financial hardship, to
accept a discounted payoff on a mortgage. If you are faced with a hardship, and are unable to meet your obligation on your mortgage, your lender would prefer to settle the matterwith you as oppsed to taking the proerty through foreclosure. As you consider the option of pursuing a short sale, remember your lender is looking to limit any potential loss on your loan. By completing a short sale, your lender has arrived at a solution that is, for them & for you, much better than a foreclosure.
7. What sort of hardship would my lender consider legitimate?
To some extent, that will depend upon the mortgage company considering the short sale request. Generally, as long as the hardship is real and the mortgage company believes the loan is likely to become delinquent as a result, the short sale request will be processed by the Loss Mitigation Department. A big key to getting Loss Mitigation to accept a hardship is to submit a strong hardship letter & financial worksheet.
8. Is the seller responsible for the deficiency?
In 90% of the situations, we are able to negotiate so that the lender does not seek a deficiency judgment against the seller.
9. What about my credit?
The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event a credit status can encounter- worse than bankruptcy. In the course of getting your short sale approved you may miss your mortgage payments, and these will show on your credit report. However, by avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly. A short sale may be just one part of a larger effort to get through a tough period. We want to help make it possible for your credit to recover as quickly as possible. YOU NEED TO AVOID FORECLOSURE!!! – That’s where Your Short Sale Partner can assist you!
10. Are there any tax consequences of doing a short sale?
In most cases, the seller is not held liable for any tax consequences as a result of mortgage relief
(There are certain situations where the seller may have some tax consequences. They should speak with a tax professional to determine their liability).
11. Why should I use Your Short Sale Partner?
Because we are great at what we do- Negotiate with lenders! If you had a specific illness, you would not go to a general doctor? You would see a specialist in that specific field. Think of us as your specialistin the field of Pre-foreclosures & Short Sales. We have direct access to many lending institutions and we can expedite the process.
12. If I am current on my mortgage will my lender consider a short sale?
From our experience, only mortgages that are in default (late or missed payments) are being accepted. But there are some exceptions. Call us let us advise you as to what your options are.
13. Can I still do a short sale if I have more than one loan?
Yes.
14. My property is in rough shape and needs work; Can I still do a short sale?
Absolutely! In fact, lenders are more motivated to do a short sale on a property that needs work than on a property that doesn’t. The lender knows the risk of loss goes up when they foreclosure on a property that needs lots of work. Aside from expense of completing the work, lenders are simply not set up to get the work done. They are in the loan business, not the fix it business.
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The buyer is the party that pays our fees at closing. Your Short Sale Partner only gets paid if they can sucessfully negotiate the short sale. Because of the potential deals that short sales offer to the buyer, they are normally very willing to pay Your Short Sale Partner to ensure a successful transaction.