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Monday, December 6, 2010

Is it too late to Short Sale after my Home is listed for Foreclosure or Sheriff Sale?

      Many homeowners are under the misconception that they can not short sale their property after a judgment in mortgage foreclosure is entered, or a trustee has been appointed. Until the gavel has fallen, it is not too late to try to mitigate your losses from your mortgage default. If you are considering a short sale than contact a Realtor who is familiar with the process, and do not try to short sell your own property. The process is complicated, and in order to get a short sale approved , you need more than just a willing buyer, you need a experienced negotiator who is familiar with your banks procedures, and can work with your Realtor to establish a reasonable  purchase price for the property. If you would like more information feel free to e-mail your questions to me at: sg.primefinancialgroup@gmail.com.

Saturday, December 4, 2010

Why Short Sale?

Many Americans have been bogged down in an endless attempt to modify their delinquent mortgage. For many of these homeowners, a modification is beyond reach. What other alternatives do they have? Three alternatives exist for the homeowner who will face the loss of their residence.

First a bankruptcy can be filed in order to discharge any deficiency judgment in States that permit them. Second, a homeowner can attempt to short sale their property. In many cases the short sale will resolve the deficiency and reduce the effect of the potential foreclosure on their credit score. Finally, a homeowner can just walk away from the property, creating maximum exposure and damage to their credit report.

It is difficult to get a short sale approved by your lender which has spawned an industry of people specializing in selling, buying, and negotiating with lenders for short sale approvals.

If you have more questions feel free to e-mail me at sg.primefinancialgroup@gmail.com