If you are facing foreclosure you are not alone. You are devastated; you are feeling helpless, and you don't know where to turn.
Foreclosure causes stress as it threatens your health; you have trouble eating, sleeping and functioning!
The phone drives you crazy! The mortgage company, again! Asking when you will be catching up your past due payments. They don't care that you just sat down to a meal with your family or if you are sleeping.
Hundreds of thousands of people are in this terrible situation. There are many reasons people are in foreclosure, including unemployment, or circumstances like death in the family or divorce leading to financial distress. Many are in an adjustable rate mortgage (ARM) and the time has come for the interest rate to be adjusted. In many cases, it increases significantly and people are unable to make this much of a payment each month. When they try to refinance, to get a lower, fixed rate, they find that their home does not appraise high enough to pay off the existing mortgage.
This is a very tough situation to be in. You would love to just relax in the evening, enjoy your family and not be bothered with constant phone calls from your lender.
The good news is you have options and there are people who specialize in helping, no matter where you are in the foreclosure time-line. If you've done all you can and you just want out, you can walk away from this debt while satisfying your lender with a short sale.
Your lender might be willing to accept a lower price than what is owed on the home if you want to sell it for what it is worth in today's market. Your lender is familiar with this and he will have an appraisal or value check done on your home before deciding to agree to a short sale offer.
You can work with a foreclosure specialist who has experience in working with short sales. The short sale negotiator will also perform a market analysis on your home to determine market value. They will help you submit other documentation to your lender to qualify you for the short sale option, including a hardship letter, financial statements, bank statements, pay stubs and other supporting information to show financial hardship and the declining value of your home.
A good short sale negotiator provides a great service to the distressed homeowner and the lender. They help the homeowner by helping them satisfy their lender with a short payoff. In addition, they will ask that the lender provide the homeowner with a document of full satisfaction so they do not come after them for the deficiency. A short sale prevents the foreclosure from proceeding and becoming a part of your credit report, resulting in damage that takes many years to repair.
If the lender is wise enough to accept a short sale offer, then he cuts his losses now, rather than risk the declining values of real estate causing him to be stuck with property that cannot be sold for near what he was owed. Chances are great that he will not sell the property at all; it will sit empty for months, become vandalized, and maybe even condemned and demolished for a total loss.
You should only consider a short sale if you feel that you have no other options. If you owe a lot more than your home is worth and you cannot meet your mortgage obligations, maybe it's time to just walk away and sell the home for whatever you can get your lender to accept. You just lose more each day as you try to cover all the expenses while foreclosure is looming. A short sale saves your credit report from having a foreclosure on it while satisfying the debt to your lender. You also get to put an end to the harassing phone calls and letters from debt collectors while you make a new start.
Foreclosure causes stress as it threatens your health; you have trouble eating, sleeping and functioning!
The phone drives you crazy! The mortgage company, again! Asking when you will be catching up your past due payments. They don't care that you just sat down to a meal with your family or if you are sleeping.
Hundreds of thousands of people are in this terrible situation. There are many reasons people are in foreclosure, including unemployment, or circumstances like death in the family or divorce leading to financial distress. Many are in an adjustable rate mortgage (ARM) and the time has come for the interest rate to be adjusted. In many cases, it increases significantly and people are unable to make this much of a payment each month. When they try to refinance, to get a lower, fixed rate, they find that their home does not appraise high enough to pay off the existing mortgage.
This is a very tough situation to be in. You would love to just relax in the evening, enjoy your family and not be bothered with constant phone calls from your lender.
The good news is you have options and there are people who specialize in helping, no matter where you are in the foreclosure time-line. If you've done all you can and you just want out, you can walk away from this debt while satisfying your lender with a short sale.
Your lender might be willing to accept a lower price than what is owed on the home if you want to sell it for what it is worth in today's market. Your lender is familiar with this and he will have an appraisal or value check done on your home before deciding to agree to a short sale offer.
You can work with a foreclosure specialist who has experience in working with short sales. The short sale negotiator will also perform a market analysis on your home to determine market value. They will help you submit other documentation to your lender to qualify you for the short sale option, including a hardship letter, financial statements, bank statements, pay stubs and other supporting information to show financial hardship and the declining value of your home.
A good short sale negotiator provides a great service to the distressed homeowner and the lender. They help the homeowner by helping them satisfy their lender with a short payoff. In addition, they will ask that the lender provide the homeowner with a document of full satisfaction so they do not come after them for the deficiency. A short sale prevents the foreclosure from proceeding and becoming a part of your credit report, resulting in damage that takes many years to repair.
If the lender is wise enough to accept a short sale offer, then he cuts his losses now, rather than risk the declining values of real estate causing him to be stuck with property that cannot be sold for near what he was owed. Chances are great that he will not sell the property at all; it will sit empty for months, become vandalized, and maybe even condemned and demolished for a total loss.
You should only consider a short sale if you feel that you have no other options. If you owe a lot more than your home is worth and you cannot meet your mortgage obligations, maybe it's time to just walk away and sell the home for whatever you can get your lender to accept. You just lose more each day as you try to cover all the expenses while foreclosure is looming. A short sale saves your credit report from having a foreclosure on it while satisfying the debt to your lender. You also get to put an end to the harassing phone calls and letters from debt collectors while you make a new start.
About the Author:
This article was written by Eileen Gill, who specializes in helping people who are facing foreclosure. Eileen's passion is helping people save their credit by selling their home with a Short Sale to satisfy their lender and avoid having a foreclosure on their record. Eileen understands the foreclosure process and the concerns of homeowners facing foreclosure; she has helped hundreds of people in various stages of the foreclosure process.
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