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What is a shortsale?
What are the alternatives to foreclosure?
How does the process work?


What is a short sale?

A “Short Sale” is a lender-approved sale of a home where the lender agrees to accept less money than what the homeowner owes.

Because of our negotiations, lenders and servicers agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when it can be proven the owner is in financial hardship.

By accepting a short sale, the lender or servicer can avoid the lengthy and costly foreclosure and eviction process, and the owner is able to sell the house and pay off the loan for less than what they owe.

This option is much better for the Propertyowner than letting the house go into foreclosure. This is the option of choice for anyone that might be losing his or her home.

We Short Sell has an extensive nationwide network of contacts with lenders so we can negotiate favorable sale terms on your behalf and help you avoid bankruptcy and foreclosure. We find that a properly negotiated short sale on your property can usually prevent a negative impact on your credit. Our services are free to the propertyowner.

What are the alternatives to Foreclosure?

There are nine basic alternatives to foreclosure.  Call us to discuss these options.

1. Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction.  Loan applications generally ask if the applicant has ever been foreclosed upon.  Credit reports also disclose this damaging information. Not the best option.

2. Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees.  Usually this is accomplished through a refinance of the debt.  New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default.  With this option, there should be equity in the home.

3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan.  This may allow the homeowner to catch up at a more affordable level.  To qualify, you must prove to the lender you have fixed the problem that caused the late payment.

5. Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation.  The lender may even be able to provide a temporary payment reduction or suspension of payments.  Information will be required from the lender to show that you are able to meet the new payment plan requirements.

6. Partial Claim – A loan from the lender for a 2nd loan to include back payments, costs and fees.

7. Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing.  Banks generally require the home be well maintained, all mortgage payment and taxes must be current.  Most loan applications ask if this has ever happened.

8. Bankruptcy – This option can liquidate debt and/or allow more time.  I can refer you to a qualified bankruptcy attorney.
     --Chapter 7 (Liquidation) To completely settle personal debt.
     --Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.
     --Chapter 11 (Business Reorganization) A business debt solution.

9. Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid). The homeowner may sell the home without lender approval through a conventional home sale.  In this case, the homeowner will get cash from the sale.  On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your Real Estate Professional if what is owed is MORE than the property’s value.

How does the process work?

Weshortsell.com can work with you to enact any of the above mentioned alternatives to foreclosure.  Every Property owner has different needs and we make sure to find the best solution for you.  This often involves negotiating with your lender on your behalf.  The first step is to call and explain your situation.  From there one of our helpful representatives will get you on track.

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