Short Sale Your Home

Are you facing foreclosure? It's not too late to get help! A Short Sale of your home could save your credit and your future.

A Little Background 

Foreclosures and delinquency rates for mortgages are occurring in record numbers for the Tampa Bay area. 23% or Florida homeowners are behind on their mortgage payments for reasons including: high unemployment rates, loss of income due to decline in consumer spending, slower housing starts, and mortgage rate increases. Contributing to the difficulties in making mortgage payments is the softening rental market, higher insurance costs, and significantly decreased property values. The result: the borrower needs to sell. One solution is a "Short Sale."

What Exactly is a Short Sale?

A Short Sale is, by defenition, the sale of a house in which the lender agrees to accept a payoff for less than the remaining mortgage balance, and possibly forgive the entire shortfall, as well as pay the seller's closing costs including the Realtor Fee. The loss is either completely written off by the lender, or a payment arrangement is made with the borrower (promissory note), or a lump-sum for a potentially lesser amount is agreed to (cash contribution).

Why Should a Lender Accept a Short Sale?

Banks don't want to own your Tampa Bay area real estate. A foreclosure can cost a lender $30,000 to $60,000. They have to maintain the property, market the property, pay for utilities, and then spend money on closing costs. They would rather do a short sale, where the groundwork has been done for them and the cost is generally less than a foreclosure.

Is a Short Sale a Solution for You?

A Short Sale is a solution for you if you can no longer afford to make the required payments to stay in your home and want to lessen the blow to your credit by avoiding bankruptcy or foreclosure.

Short Sale vs Foreclosure     Am I a Short Sale Candidate?     The Short Sale Process

I would welcome the opportunity to answer any questions you have about Short Sales. There is NO obligation, and your privacy is guaranteed. Click here to contact me.