Stay Tuned BIG Changes are coming to HRShortSales.com....

What is a short sale?

A short sale occurs when the sale of the property is less than the amount that is owed on the property.  When a borrower receives an offer to purchase under such a circumstance, the purchase must be made with the contingency that the bank(s) must approve the sale.

Do I have to be behind to sell my house as a short sale?

The short answer is No.  However, there are a few rules rules that apply.  The banks will only consider a short sale approval if the borrower can demonstrate a "financial hardship" or a reasonable expectation of such a  hardship. 

My home is no longer worth what I paid for it.  Does this qualify as a hardship?

No, the loss of equity or value of your home is not considered grounds for a financial hardship.

As the borrower how do I proceed with a short sale?

Every bank is different, but most follow the same core concept.  Just as you applied for the loan on your home, you have to apply for a short sale.  This process requires that you put together a "short sale" package to include:

- Last 2 W2's
- Last 2 Pay check stubs
- Last 2 bank statements
- Hardship Letter
- Letter of Authorization
- and other documents as required by the lender

Short Sales Seminar for home owners In Virginia Beach and Chesapeake

Do you find yourself "upside down", owing more then what your house is worth?  
Have you suffered a job loss, or anticipate a reduction of your income in the foreseeable 
future?  A Short Sale can help you avoid foreclosure and the government may provide you "relocation" 
money.  There have been many changes to the Treasury departments guidelines for short sales.

Register for the next short sale seminar, send an email with your name, phone number, email address and address to : short_seminar@757realproperty.com

New Short Sales guidelines affective April 5, 2010

Short sales are a norm in today's real estate market.  A short sale occurs when the bank, who holds the mortgage, allows the home to be sold below what the current home owner owes. 

Under  HAMP, Home Affordable Modification Program, exists the new HAFA program or Home Affordable Foreclosure Alternatives program.  HAFA provides incentives to the home owner and the bank to pursue a short sale solution.

Changes to the Short Sale Process

• Pre-Approved Short sale terms
• Sellers are fully released from future liability ( 1st mortgage )
• In order to help prevent second charge lenders from holding up short sale approval, they will receive a minimum of $3,000 from the sale proceeds and a further $1,000 from the government.
• Those short selling a house will get $1,500 in financial assistance from the federal government to help with the cost of relocating to a new family home.
• Lenders will have 10 days to approve/reject an application.
• Borrowers will be given a minimum period of 90 days to sell their home.
• Under the new guidelines, struggling homeowners are advised to make contact with their lender(s) as early as possible in order to determine what they deem a fair sale price to be.

Caution:  Beware of investors who act as they have
your best interest in mind.

Are you behind in your house payments due to a mortgage product that got out of control, loss of a job, separation or some other unplanned event? 
You don't have to go it alone!  There are various options available to stall or even temporarily stop foreclosure.  Fact is that the banks don't want to foreclose the average foreclosure has been estimated to cost banks over $50,000!, and if the bank does foreclose it could cost you up to 7 years on your credit report.  7 years before you can purchase a home, purchase a car and in some instances rent a home!   

Call me today, let me review your current situation and present you with a plan.  It is up to you to decide what to do.  My time is your time, call today for your free confidential consultation Day or Night!
 

Remember the banks won't wait why should you! 

Sean Schroeder, REALTOR
757-839-3954

 

 

 

Short Sales, Bank Owned, REO properties in Virginia Beach, Chesapeake, Norfolk and Suffolk Homes for sale by the banks!  Currently banks are taking homes at 20,30,40 percent below market price! Interested?  Check out this list of Bank Owned Homes Once you take a look, call me!

Equal Housing Opportunity ( EHO )