Short Sale News


Is your home worth less than you paid for? Are you unable to make the mortgage payments? Did you lose your job and can’t afford housing payments? Did you get divorced and can’t make your loan payments? These are some of the reasons for which you should consider short selling your home.

What is a short sale?

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A short sale is when the proceeds from the sale of the real estate asset are lower than the original purchase price. According to the type of loan and investor, the lien holder/s can waive the deficiency and provide full release of the lien/s. A short sale process could take 2-5 months from beginning to end. Want to know what’s the current value of your home? Click here

Reasons to short sale

–          Divorce                                                           –           Loss of job

–          Loss of income                                                –           Less income

–          Death of one of the borrowers                        –           Incarceration

–          Business failure                                               –           Severe illness

–          Inheritance                                                      –           Relocation

–          Payment increase or mortgage adjustment     –           Military services


If you have one of more of the above mentioned scenarios, please contact us

What are the pre-foreclosure alternatives?

If you have missed a couple of payments, the first document that starts the foreclosure process is called Notice of Default NOD. Different options to avoid foreclosure are available:

–          Reinstatement

–          Forbearance or re-payment plan

–          Renting

–          Short-refi, mortgage modification

–          Deed-in-lieu of foreclosure

–          Deed-for lease

–          Refinance

–          Bankruptcy

–          Service Members Civil Relief Act SCRA

–          Homeowner’s Assistance Program Alternatives HAFA

–          Home Affordable Modification Program HAMP

–          Cooperative Short Sale Program

–          FHA Preforeclosure Program, etc.


For a complimentary comparative market analysis and counseling, do not hesitate to contact us


Advantages between a short sale and a foreclosure


(see attachment/CDPE and SS excel )



What’s the process to short sale my home?

Find a trustable Real Estate Agent, better a Certified Distressed Property Expert CDPE to provide you all the options available. Every loan and borrower is different, so you might be entitled to keep your home or even get relocation assistance after successful close of your short sale. If you are eligible for a short sale, your local Real Estate Expert will list your home, advertise it, get an offer, negotiate it, gather all documents related to the short sale package; and send it to the lien holder/s and the get the short sale approval/settlement letter.

Click here to learn about the selling process in detail.

Remember, there are options before the foreclosure. The longer it takes you to decide, the longer it will take you to recuperate your peace of mind, credit score and even buy a new home. Depending on your financial and personal situation, you may be able to buy a house one day after foreclosure o short sale. It’s time to act, contact us

 What documents do I need to short sale my home (short sale package)?

–           Two months of most recent mortgage statements

–           Two months checking accounts statements

–           Two months savings account statements

–           Last two paychecks stubs

–           IRS Form 4506 Request for copy of tax return

–           Hardship letter (sample model)

–           Financial worksheet (financial worksheet)

–           Third party authorization form

Why is the Mortgage Forgiveness Act so crucial?

Homeowners who are unable to make their mortgage payments should be encouraged to take advantage of the Mortgage Forgiveness Act which forgives the debt of the li