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Pre-Foreclosure Help

For homeowners who are upside down and can no longer make their mortgage payment because of a job loss, divorce, or an option ARM that is resetting higher, up to now the only option was letting the bank foreclose. That’s not a good option since a foreclosure stays on your credit record for at least 10 years. Instead, we recommend doing a "short sale".

A short sale is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure and the owner is able to pay off the loan for less than what he owes.

Short sales carry less negative effects than foreclosures. Short sale sellers are widely seen as less risky than foreclosed sellers. For example, Fannie Mae recently adjusted their guidelines to dictate only a two year waiting period for a short sale seller to buy another primary residence, while they extended the waiting period for foreclosures to five years.

If you are in foreclosure or heading in that direction, don't move out of your home or do anything drastic until you talk with us to find out if a short sale is right for you!

Complete the following form and someone from our office will contact you.

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