Are you in Danger of Foreclosure?

What's a Short Sale? Is that something that might apply to me? If it does, who will help me?

Many lenders are realizing that the sooner they can get a property "off the books", the more money they'll save at the end of the day. When they suspect that a homeowner might be headed for foreclosure, they may be willing to accept a sales price that is less than the amount owed on the mortgage. This is called a short sale.

The key is to talk to the mortgage company! So many homeowners facing financial crisis tend to go into "shut down mode" or denial. While no one relishes the idea of discussing their money problems, communicating with the lender is crucial to finding a solution. Your mother probably told you...It never hurts to ask; the worst they can do is say no.

If the lender does agree to a short sale, the homeowner can avoid foreclosure (and devastation of his credit), and the lender avoids the costs of carrying that mortgage. This can certainly end up being a "win-win" situation for all.

If you are behind on your mortgage payments, or believe you may be headed into a financial hardship, we'll be happy to talk to you and help you get in touch with the right folks at your mortgage company. Getting the house on the market sooner rather than later can lead to a quick sale and lightening your load. Please contact us if you need help.