Foreclosures 102: Loan modifications vs. forbearance vs. Short sales
July 16, 2019
Avoiding Foreclosure Through Loan Modifications
Avoiding Foreclosure Through Loan Modifications
July 16, 2019
Avoiding Foreclosure Through Short Sales

Avoiding Foreclosure Through Short Sales

It is easy to assume that a short sale means a quick sale, but this is a wrong assumption. A short sale refers to when a house is sold at a net sales price. That is, the homeowner sells for less than what is owed to the mortgage lender (s) after removing closing costs, commissions, etc. If you find yourself underwater with notices that indicate that your mortgage payments are past due, then the only alternative to a foreclosure is a short sale.

You can get financial solace from going the way of a short sale. Here are some of the steps to take to avoid foreclosure with a short sale.

  •         First, you have to determine that a short sale is really the best option available to you.
  •         Locate a professional agent in real estate who is ready and willing to offer you guidance as you go through the process
  •         Ensure that the real estate agent presents your house offer in the best light
  •         Submit the hardship letter to your client; handwrite the letter and present your financial status in the worst light
  •         Send in other required documentation that proves that you are truly financially unstable.
  •         Ensure that your short sale is impeccable, provide everything the lender needs to avoid delays.

Voila! you have successfully avoided a short sale.

 

Empire Foreclosure Defense 70-50 Austin St, Forest Hills, NY 11375 (718) 673-2294

 

Empire Foreclosure Defense 131 west 169 st Bronx, NY 10452 (347) 220-8559 

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