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Understanding Short Sales
As foreclosure rates hit record levels, more sellers are turning to short sales as a way to avoid foreclosure. So, how does it work? In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property.

Sounds good right? Well, sellers need to know that a short sale may damage their credit, though probably not as much as a foreclosure. Also, lenders generally will only agree to a short sale if the seller is many payments behind and has received a default notice. Buyers may get a great property at a discount, but they also will need to go through some extra paperwork too. Not to mention, they also need to be prepared to roll up their sleeves if that new property needs fixing up.

Summary: In a short sale, a seller facing potential foreclosure strikes a deal with their lender to accept less than they owe on the property, in exchange for avoiding foreclosure.

What sort of hardship would my lender consider legitimate?
To some extent, that will depend upon the mortgage company considering the Short Sale request. Generally, so long as the hardship is real and the mortgage company believes the loan is likely to become delinquent as a result, the Short Sale request will be processed by the Loss Mitigation Department. A big key to getting Loss Mitigation to accept a hardship is to submit a strong hardship letter. The hardship letter sets the tone for the entire file.

Below you will find a list of “hardships” that are common and frequently accepted by mortgage lenders.

* Family illness or injury
* Illness or injury in the extended family – particularly if it forces relocation
* Job relocation when the property is equity deficient
* Job loss or significant income loss
* Divorce or split of domestic partners
* Adjustment in mortgage payment or unforeseen increase in living expenses

"The key to Short Sales is acting quickly it should be your number one priority, Short Sale Debt need to develop a plan, document your current financial situation, and contact your lender to begin negotiations on your behalf in order to releive of your debt and get a FRESH START."

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Roy Pelayo
Broker
Dre Lic # 01171898

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How do I get started
on a Short Sale?

It’s easy. If you would like to get prequalified for a Short Sale, we can start online!

If you would prefer to discuss it on the phone, or set an appointment call 951-898-8865. There is no charge to you to get started. It is as simple as contacting us and we will get to work. If you later decide you don't want to do a short sale, that is okay too.

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The information contained in this website is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. ShortSaleDebt.com makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property. Clients are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. ShortSaleDebt.com is providing a service in response to a complex situation and offers a recommended solution where possible. Nothing is represented as tax advice to our clients as every situation may result in different tax consequences. ShortSaleDebt.com is not a law firm or an accounting firm and regarding any specific questions relative to any transaction, ShortSaleDebt.com strongly encourages all parties, agents, and brokers involved in a transaction to seek such advice from a professional advisor.

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