NOTE:  Lots of agents claim to be "Short Sale Experts."
Don't be Fooled by Certifications and Designations...
 
ASK FOR STATS:
How Many Have You Listed?  How Many Have You Closed?

A Short Sale occurs when a property is sold and the lender agrees to accept a discounted payoff.  This means that the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Many people think that a catastrophic event has to occur for a homeowner to lose their property.  This is not necessarily the case.  Even minor issues can cause an otherwise financially stable family to spiral quickly into distress. 

Many distressed properties today are the result of the subprime mortgage crisis.  But there are many other reasons that a homeowner might find themselves in a position to consider a Short Sale.  Although criteria varies by lender and by type of loan, example Hardships include:

• Loss of a job
• Failure of a business
• Damage to the property where a homeowner cannot make repairs
• Death of a spouse or other family member
• Severe illness and medical bills
• Divorce or separation 
• Job relocation 
• Military service
• Mortgage adjustment with a payment increase 
• Insurance or tax increases
• Reduced income in a weak economy
• Incarceration
• Too much debt
   

Almost all distressed properties are in the process of or are headed to foreclosure.  Foreclosure is a legal process that a lender must go through in order to take possession of a property for which it holds a mortgage. The process for each state is different, however the end result is the same: The homeowner loses the home. 

You would be surprised how many times a homeowner in foreclosure just "gives up."  This is probably because they don't understand the process or feel like they no longer care.  If you are one of these unfortunate homeowners facing foreclosure, here are some reasons you need to be involved in the process:

Seven Good Reasons to Avoid Foreclosure

1. A Foreclosure, Deed in Lieu of Foreclosure, or a Short Sale will be reported by most lenders in a similar way to the Credit Bureaus.  Each will have a significant, negative impact on your credit score for several years.  However, if a Hardship was the cause of the Short Sale, you may qualify for a government-sponsored loan within 2 years.

2. A foreclosure is the one credit report item that is almost impossible to have "repaired."

3. A foreclosure is the most devastating credit issue you can have in relation to future credit availability.

4. You will always have to disclose that you have had a foreclosure on any mortgage application you submit in the future.  This will have a negative and adverse effect on your future mortgage rates.  This is the only credit item that is asked specifically, and does not rely on what is on your credit report.  There is no 7 year time limit on this fact.

5. Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at a bank sale.  You may also be responsible for any deficiencies after foreclosure for an indeterminate period of time–depending on the state you live in.  This could mean never-ending collections.

6. Many employers run credit checks on prospective employees.  A foreclosure is one of the top items that will put you in jeopardy for employment.

7. Security clearances and government positions, including but not limited to military and law enforcement, can be jeopardized by a foreclosure.

While it may not seem like it now...there will be a time when your current financial troubles will pass.  You will feel much better knowing that you did everything you could to avoid foreclosure and the devastating financial consequences you face today. 

A Short Sale and a Foreclosure are NOT the same, and they do NOT have the same consequences!

The chance of avoiding foreclosure takes only effort and cooperation on your part.  I will do the rest and I will invest my time, money, and effort to help you.

Are you a victim of today's economic struggles or the subprime mortgage crisis?  Are you in trouble?  Have you missed one or more house payments OR are you close to missing the next one?  If so, you need to know that you have options!  I may be able to help you avoid foreclosure or bankruptcy, and help you move on with your life.

Don't wait until it's too late—Call Me!

_{I am a Certified Distressed Property Expert (CDPE) and Short Sales & Foreclosure Resource (SFR) Specialist, certified by the National Association of Realtors®.
YOU need someone like ME on your side!}

"Mick Sanders Knows Real Estate!"
^{Certified Distressed Property Expert and Short Sales & Foreclosure Resource Specialist
Equator Certified in Short Sales and REOs}