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What is a short sale? I'm in foreclosure...what do I do now? With so many families in trouble right now there are many questions that are going through their minds. I'm hoping this can help answer some of your questions.
I recommend that homeowners consider all options when seeking a resolution to mortgage-related financial challenges. The short sale is just one possible outcome that homeowners should evaluate when facing a distressed mortgage situation
It is vital for homeowners to not only seek the advice of a trusted pre-foreclosure professional, but to also be wary of “Preforeclosure Predators. At all costs, homeowners must ensure that they are not exploited or manipulated during this most vulnerable period of homeownership. Regrettably, the burgeoning short sale marketplace is attracting hordes of unscrupulous individuals who are seizing any and all opportunities to prey upon beleaguered and unsuspecting homeowners who are not aware of the range of options available to them when experiencing the growing challenge of “upside-down homeownership.”
“It is imperative that any homeowner seeking to determine if a short sale is in their best interest, be able to distinguish between their own interests and the interests of lenders, buyers, investors, and real estate-related professionals, and how these different interests may influence their decision. “To help with that, I have compiled a series of questions that can serve as an important precursor for homeowners to discuss with their attorneys prior to their pre-foreclosure decision.
Top 10 Questions to Talk Over with Your Attorney and/or a trusted Realtor
When a homeowner finds themselves in a situation that might result best in a short sale, it’s important for them to understand their options as a homeowner when their property is in or heading toward default. They should be asking:
1. What is a better or more likely outcome for me and why?
- A short sale or a repayment plan?
- A short sale or a forbearance plan?
- A short sale or a loan modification?
- In the case of an FHA loan, a short sale or a partial claim?
- A short sale or a short sale/assumption agreement?
- A short sale or a deed-in-lieu of foreclosure?
- A short sale or a bankruptcy?
2. How do I know if my property and I may be considered for a short sale?
3. How would I initiate the short sale process?
4. Which process has a more adverse effect on my credit rating: short sale, foreclosure, bankruptcy, or deed-in-lieu of foreclosure?
5. What types of hardships would a lender generally consider favorable toward my appeal for short sale consideration?
6. On average, how long does a short sale process take?
7. What are the tax implications of a short sale?
8. If a lender agrees to the short sale option on my property, can the bank still proceed with a foreclosure?
9. Is there a real estate commission paid in a short sale? If so, who pays it?
10. When is a bankruptcy preferable to a short sale or to a foreclosure?
I sure this is just the start of your questions. If you, your family members, co-workers, neighbors or friends need help feel free to contract me 813-992-5300 I'm always here to help and answer your questions.
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