From your mortgage lender's standpoint, it's all about smart business. If the bank has to complete the entire foreclosure process, it could lose more money than it could recover by agreeing to a short sale. The lender will assess the profit and loss potential in both foreclosure and short sale scenarios, when deciding on approving your short sale.
Keep in mind all the costs of the foreclosure process, plus the bank's costs of owning a home while waiting for a buyer. Assuming a bank owns a property for an average of three months in today's market, costs can include Attorney Fees, Utilities, Maintenance and Repairs, Property Insurance.
Add those costs to the interest already lost on the mortgage, and the bank is looking at a loss potentially adding up to tens of thousands of dollars. The costs keep adding up.
The homeowner will be required to submit a letter of hardship to the bank, explaining why the homeowner has or will stop making monthly payments. Examples of hardship include Unemployment, Divorce, Bankruptcy, Medical Emergencies, and Death.
Most lenders will not consider a short sale if your payments are current. A short sale is one potential option in avoiding foreclosure. Other options include loan modification and bankruptcy, among others.
Because we are not attorneys, we do not give advice on which option you should pursue. We can, however, help you in the event you chose to short sale your home.
A short sale allows you to avoid foreclosure, and the hopelessness and anxiety involved.
All services are free to homeowners. You will pay NO out of pocket costs, including realtor fees and closing costs.
The short sale process can vary widely depending on your lender and current market conditions. Some lenders issue approvals very quickly, while others can take months to finalize the process. It is important to act quickly if you choose a short sale of your home, to avoid running past any pending foreclosure dates.
If you have been issued a notice of foreclosure
Is it too late?
No! But again, you will want to act quickly to begin the short sale process with your bank and avoid running past the foreclosure date. No matter what you decide to do, the worst thing you can do is wait and simply run out of time.
Call me today before time runs out.
Welcome to Brenda Kennedy with Coolidge Realty, your one of short sale real estate specialists in Florida. Whether you are buying or selling a home, hire someone like us, who wants to earn your business. We are a certified distressed property expert who helps homeowners and buyers avoid foreclosures by negotiating short sales. Get the best short sale and mortgage services by our professionals.
We love our customers, so feel free to visit during normal business hours at Coolidge Realty.
3264 Cove Bend Dr, Lutz, Florida 33559, United States
Monday - Friday: 9am - 5pm
Saturday: By appointment
Sunday: Closed