Save Your Home--Don't Let it Go to Foreclosure!!
We offer unique Foreclosure Intervention and Short Sale Services
Helping you to PRESERVE your credit.
There a number of choices available to you instead of losing your home through a foreclosure.
Fill out the contact form at the end of this message to find out about more of the options.
One of the options is a Short Sale.
WHAT IS A SHORT SALE?
It's a transaction where two unique events must occur together.
1. Net proceeds from Sale loss
A short sale occurs when your proceeds from the sale is insufficient to cover you note balance(s).
2. Lender Agreement
The lender(s) agree to release its mortgage lien(s) and note obligations on the home in exchange for payment less than the full loan amount.
WHY WOULD A SELLER AGREE TO A SHORT SALE?
POTENTIAL SELLER BENEFITS
1. It may have less impact on your credit rating as compared to a Deed-In-Lieu of foreclosure.
2. Your lender may stop reporting missed payments to credit agencies.
3. Provide more time to you to act in this difficult situation.
4. You may buy another home sooner as compared to a foreclosure.
WHAT IS THE SHORT SALE SELLING PROCESS?
1. Seller signs listing agreement with real estate agent subject to selling as a short sale with third party approval.
2. Agents finds buyer who offers less than note owing.
3. Seller accepts buyer's offer.
4. Seller's lender accepts buyer's offer.
5. Transaction closes when the buyer delivers the funds, the lender releases the lien andthe seller delivers the deed.
WHICH IS BETTER, FORECLOSURE OR SHORT SALE?
1. Both hurt-- but a short sale may be better.
FANNIE MAE: AUGUST 2008
Due to increased incident of preforeclosures (short) sales, Fannie Mae established a 2-year elapsed time period for reestablishing credit following completion of the action.
A foreclosure client must wait 5 to 7 years, maintain at least 680 credit score in the sixth and seventh years, and pay a minimum 10 percent down on future home purchase.
WHAT ARE THE FIRST STEPS TO A SHORT SALE?
1. MY ROLE
As a consultant, I can not give you legal or financial advice as they are not covered by my license scope or area of expertise. The 3 keys to successful short sales are: disclosure, disclosure, disclosure!
2. LENDER REQUIREMENT You must prepare and submit a Short Sale Application Kit with your lender before you can begin selling as a short sale.
WHAT WE WILL DO
we meet with you in person and trigger action to benefit your situation.
We will provide you with Foreclosure Intervention and Short Sale Services Agreement. We act as your Short Sale Agent in resolving specific issues relating to deliquent mortgage payments and (if applicable) delaying or terminating any foreclosure action against you now is progress, and providing all the documents to your lender that are required in a Short Sale. We are not affiliated with any government organization.
Helping you to PRESERVE your credit.
There a number of choices available to you instead of losing your home through a foreclosure.
Fill out the contact form at the end of this message to find out about more of the options.
One of the options is a Short Sale.
WHAT IS A SHORT SALE?
It's a transaction where two unique events must occur together.
1. Net proceeds from Sale loss
A short sale occurs when your proceeds from the sale is insufficient to cover you note balance(s).
2. Lender Agreement
The lender(s) agree to release its mortgage lien(s) and note obligations on the home in exchange for payment less than the full loan amount.
WHY WOULD A SELLER AGREE TO A SHORT SALE?
POTENTIAL SELLER BENEFITS
1. It may have less impact on your credit rating as compared to a Deed-In-Lieu of foreclosure.
2. Your lender may stop reporting missed payments to credit agencies.
3. Provide more time to you to act in this difficult situation.
4. You may buy another home sooner as compared to a foreclosure.
WHAT IS THE SHORT SALE SELLING PROCESS?
1. Seller signs listing agreement with real estate agent subject to selling as a short sale with third party approval.
2. Agents finds buyer who offers less than note owing.
3. Seller accepts buyer's offer.
4. Seller's lender accepts buyer's offer.
5. Transaction closes when the buyer delivers the funds, the lender releases the lien andthe seller delivers the deed.
WHICH IS BETTER, FORECLOSURE OR SHORT SALE?
1. Both hurt-- but a short sale may be better.
FANNIE MAE: AUGUST 2008
Due to increased incident of preforeclosures (short) sales, Fannie Mae established a 2-year elapsed time period for reestablishing credit following completion of the action.
A foreclosure client must wait 5 to 7 years, maintain at least 680 credit score in the sixth and seventh years, and pay a minimum 10 percent down on future home purchase.
WHAT ARE THE FIRST STEPS TO A SHORT SALE?
1. MY ROLE
As a consultant, I can not give you legal or financial advice as they are not covered by my license scope or area of expertise. The 3 keys to successful short sales are: disclosure, disclosure, disclosure!
2. LENDER REQUIREMENT You must prepare and submit a Short Sale Application Kit with your lender before you can begin selling as a short sale.
WHAT WE WILL DO
we meet with you in person and trigger action to benefit your situation.
We will provide you with Foreclosure Intervention and Short Sale Services Agreement. We act as your Short Sale Agent in resolving specific issues relating to deliquent mortgage payments and (if applicable) delaying or terminating any foreclosure action against you now is progress, and providing all the documents to your lender that are required in a Short Sale. We are not affiliated with any government organization.
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Information provided by:
Phillip Fulks,
CA DRE # 00928621