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(Short Payoff) (Pre-foreclosure Sale) (Compromise Of Sale)

If you have suffered a long term financial hardship and are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property, it is possible that the lender may be able to accommodate you with a short payoff or short sale. Of course to do a real estate short sale, a qualified buyer is required to make a offer on the property. If this is an option you wish to pursue, you must inform the loss mitigation specialist assisting you immediately. A short sale in real estate has basic fundamentals but each mortgage lender had its own requirements.

There may be tax ramifications associated with any short payoff or foreclosure; therefore, we recommend you contact your tax advisor for details. Some states permit lenders to seek a deficiency judgment for the amount the payoff was discounted. See your state’s foreclosure law for more information. Check with an attorney for advice on your personal situation. If you want to talk to a loss mitigation specialist about participating in this program call 1-877-793-2339

Many people wonder why lending institutions would accept a short sale in real estate and take a loss. The reason that banks are willing to take a short sale is to avoid the time and expense of a foreclosure.

When a homeowner is in default on a real estate mortgage they not only owe the back payments but also may owe late fees, property inspection fees, attorney fees and maybe more.. All this can add up quickly and eats up all of the equity if any, had in the property. If the homeowner is unable to bring the account current the lender or bank will then foreclose on the property. Lenders can typically lose up to 40% or more of the value or more because of the extra costs involved with foreclosing on a property: selling costs (Realtor fees and title fees), attorney fees, court costs, lost interest, eviction costs, property maintenance costs, and in this market the possibility that values could be declining.  Foreclosing on a property could also take up to two years in some states. Therefore, it is sometimes in the best interest of the lender to accept the short sale. It also can be in the best interest of the homeowner. A homeowner will not have to endure the time and all the stress of a foreclosure, Don't forget, their credit may not be as adversely affected as it would with a actual foreclosure. It is quicker and easier and does not subject the borrower to the embarrassment of a foreclosure. Especially if a homeowner had a Forensic Loan Audit done with positive results.