Short Sale? Hardship?
Brenda Rogers - 972-567-1921
ARE YOU UPSIDE DOWN AND FEEL LIKE YOU HAVE NOWHERE TO GO?
Are you experiencing a financial hardship and can no longer afford to make your mortgage payments?
Have you experienced illness, unemployment, divorce, and/or legal separation?
Did your mortgage payments increase because of your taxes or because of an adjustable rate mortgage?
Are you trying to sell your home all by yourself because you can't afford to pay a Realtor's commission?
Are you behind on your payments?
Do you have friends or family who are in this situation?
Feeling Hopeless?
Well, knock it off!
Due to the rising number of foreclosures in Texas, mortgage lenders are being strongly encouraged to accept and approve "short sales" and it is in your lender's best interest to do so because IT SAVES THEM MONEY!!Believe it or not, the mortgage lenders are the ones who came up with the idea in the first place!
F.A.Q.'S
What is a "short sale" AND WHY SHOULD I CONSIDER IT?
By definition, a Short Sale occurs when a REALTOR NEGOTIATES with a lender on your behalf (your mortgage lender) to accept a contract for purchase in an amount to pay off a loan that is less (less also means "short" in this scenario!) than what the Borrower (that would be you) owes.There are numerous benefits to a short sale. First, you can avoid HAVING a foreclosure on your record. Instead, your lender will report the account as "settled" instead of "foreclosed." Second, a deficiency judgment (that's what happens when they sell it on the courthouse steps for less than what you owe and sue you for the difference!) or what could be a pretty significant tax liability can either be avoided or minimized during the short sale negotiations with the lenders. Finally, a short sale will allow you time and a better credit record to find a new place to live on your own terms instead of facing an eviction.
Short sales are GREAT OPPORTUNITIES for homeowners in default.They help avoid PERMANENT damage to your credit SCORE.
DO I QUALIFY FOR THIS KIND OF SALE OF MY HOME?
If you are experiencing a financial hardship of any kind and this is your primary residence, yes. If your payments have increased significantly due to the tax appraisal or an adjustable rate mortgage, if you have been unemployed, if you are divorced or have filed for a legal separation or divorce, if you have experienced the loss of a spouse due to death, if you have documented health issues, to name a few, you may qualify for a short sale.
WHY IN THE WORLD WOULD THEY DO THAT?
The reason is simple; a SHORT SALE HAS A BETTER RETURN ON INVESTMENT TO THE LENDER than a foreclosure. On the average savings a foreclosure will cost your lender approximately $30,000.00 or more. Also, remember that your home is a non-performing or non-revenue generating asset to the lender.Not only does your lender receive this savings, they are also paid on the loan 6 months earlier than they would be in the foreclosure process. This allows them to collect on their non-performing asset and cash-out earlier than they would otherwise. Lenders created the short sale process as a foreclosure alternative for those reasons.The incentives to perform a short sale on our property are in place to MOTIVATE YOU TO PARTICIPATE.
IS IT TOO LATE TO PERFORM A SHORT SALE?
Unless you have been evicted from your property, there is, most likely, still time. Mortgage servicers can offer foreclosure and auction date postponements based on certain criteria. Once you and your REALTOR have contacted your lender and started the short sale process, you can usually expect a postponement of the foreclosure, EVEN IF YOUR LENDER STATES IN WRITING THAT IT WILL NOT POSTPONE FORECLOSURE THEY ALMOST ALWAYS WILL IF YOU ARE WORKING WITH THEM.
OKAY, WHAT DO I DO NOW?
You call me, of course, to make an appointment FOR A FREE CONSULTATION to discuss this option in greater detail.I will help you make an informed decision.
WHY SHOULD YOU CALL ME?
I HAVE A PROVEN TRACK RECORD OF SUCCESS WITH SHORT SALES!!SOME OF THEM ARE IN YOUR AREA!!I AM PROUD OF THAT SUCCESS AND ENJOY THE OPPORTUNITY TO BE OF SERVICE TO THOSE IN NEED.
GIVE ME A CALL.YOU WILL BE GLAD YOU DID!KNOWLEDGE IS POWER!!
BRENDA ROGERS, A.S.R., Loss Mitigation Consultant, REALTOR
ACCREDITED SELLERS REPRESENTATIVE
CERTIFIED SHORT SALE SPECIALIST
SHORT SALE AND FORECLOSURE RESOURCE
COLDWELL BANKER APEX, REALTORS
3020 LEGACY DRIVE, SUITE 270
PLANO, TX 75023
PHONE: 972-567-1921
FAX: 972-767-3609
EMAIL: BRENDA.ROGERS@COLDWELLBANKER.COM
