In Danger of Losing Your Home ?
Facing foreclosure? Consider a short sale instead. The thought of losing your home is scary enough, but ruining your financial future is devastating. Foreclosure will have a severe negative impact on your credit score, making it difficult to make large purchases such as a vehicle or even renting a home. Many landlords look at credit scores to predict the likelihood of potential tenants being able to keep up with the rent payments.
Gitta Urbainczyk is a CPDE (Certified Property Default Expert) and has successfully completed over 100 short sales. The key is to strike while the iron is hot and not miss your opportunity. Some people wait too long, thinking the issue will resolve itself and end up in a foreclosure that could have been avoided. This is your guide to everything you need to know about a short sale and how we can help. Use the checklist below to help you determine if you are a candidate for a short sale.
What is a Short Sale?
If you aren’t familiar with a short sale, you are not alone. Short sales are for homeowners who owe more on their home than it is worth. You must be able to prove financial hardship. In most cases, this means showing that a reduction in income has made your home unaffordable. With the approval of your lender, you can then sell the home for less than you owe, with the remainder of the debt being forgiven.
Things to Know About a Short Sale
- A short sale will not appear as a foreclosure on your credit, meaning it will have less of a negative impact.
- One less worry. Once you are approved for a short sale, all of your home-related debts are settled.
- No cost. There is no cost to the owner, the lender pays all associated costs.
- The earlier you start, the better. A short sale can take 5+ months.
- A deed in lieu is an administrative foreclosure where you transfer the property title directly to the lender. It will show up on your credit as a foreclosure and have the same negative impacts. You do not want to go this route.
- Assistance with moving costs. During 2008-2012, there were instances of companies giving money to homeowners to help them move out of their homes.
- The home has to be listed for sale at a reasonable price in order for the lender to stop the foreclosing process.
- The mortgage company must approve the final selling price. Negotiations may then occur between the buyer and the mortgage company.
- We handle the work. Short sales are a very orderly process during a very chaotic time. Let us do all the work for you. Your bank will talk to your negotiator or with us, and we will keep you informed every step of the way.
Checklist: Is a Short Sale Right For You?
If all of these apply to your current situation, then a short sale may be the solution for you. Please keep in mind that it is possible to wait too late to get the short sale process started, forcing you to go through a foreclosure.
Now, is the time to reach out to Gitta and her team about selling your home via a short sale. With over 100 homes sold in short sales, Gitta holds both the certification and the experience to help you get the best outcome possible without destroying your financial future. We understand that this is a challenging time for you and your family, which is why we will walk you through every step of the process from start to finish. Please give us a call today at (407) 330 – 2181 to get started. Feel free to visit our Home Selling page for more useful resources.