Short Sales

Short Sale Help In North Carolina

The current buzz words in the Real Estate industry are “short sale“. Recent years of housing price increases, relaxed lending qualifications and adjustable rate mortgages coupled with the troubled economy have left millions of Americans facing the spectre of foreclosure. For many people this is a tremendous source of stress, frustration and sleepless nights. This when a short sale expert can ease those burdens and help put this painful problem in your past.

What exactly is a “short sale“?

A short sale is when a lender agrees to take less than the mortgage amount to satisfy the lien.

Who is the ideal candidate for a short sale?

Owner Must Qualify For Relief of Debt
Owner Must Show Some Financial Hardship That Is Not Temporary
Owner Has To Owe More Than The Property Is Worth

It is important to understand that this creates a deficiency amount which can be handled in a number of ways. When we negotiate our short sale packages, we ask for the accepted offer to satisfy the lien “in full”. This means that the deficiency balance is settled as part of the accepted short sale offer and alleviates you of any further obligation to the lender. However, if the lender will not accept the offer as “paid in full”, then the lender may ask for a promissory note for the remaining balance on the loan. If no payment arrangement is made, they may seek a judgement against you and in some cases a deficiency balance may trigger a 1099 form from the IRS. With that being said, to this point we have not had a lender deny our offer as “payment in full” for their mortgage obligation.

Because of the sheer volume of foreclosures, many companies have started offering “short sale services”. This is not the time to stake your financial health on an inexperienced short sale provider. There are a lot of forms and documentation that make up a successful short sale package. It is not unlike the process you went through to qualify for your original mortgage. Our experience over the years has shown us several tricks of the trade that have allowed our loss mitigators a high rate of success in getting our short sale offers approved.

Remember, a foreclosure will stay on your credit for seven years. It will decrease the likelihood of getting credit in the future and if you do get a loan, it will drastically increase the cost of that loan due to higher interest rates. One can only imagine the impact that the stress and anxiety creates within a family environment.

Call us today at 910.538.3663 to schedule a FREE, Confidential and No Obligation Consultation or fill out the form below.