An Alternative to Foreclosure!
When the time presents itself you may need to consider putting your property on the market to resolve the financial challenges facing you when you are unable to pay the monthly mortgage.
With the unemployment and job losses that began in 2008 many home owners suffered loss of Income, loss of ability to hold on to their home. Many families find themselves without a way to keep their home, their credit score is damaged and their lives in chaos.
A solution to help lift the burden is to seek the lenders approval to do a Short Sale. A Short Sale will allow the bank to recoup the market value of the property and the owners a way out of the financial burden with the property sale. Banks are more amenable to a resolution when owners work with the process. The Short Sale process also saves Attorney fees, keeps the property from being abandoned, vandalized, and the loss of assets.
A plan to sign over ownership or Keys to the lender from the Short Sale will make the possibility of the bank to cut their losses and the owners and their family to begin to start over repairing their life and family issues.
There is a package of forms the bank will provide to the owners to begin the process when the owners are ready to move in the Short Sale direction. A knowledgeable agent in the Short Sale process is a huge benefit to the sellers and to the lender as coordinating the process through the contract, inspections, title search, to get final approval to close; requires the daily attention of the listing agent to get to the final step and bank approval to close.