Due to the poor local real estate market in the Treasure Valley, and the nationwide Mortgage loan crisis, many  homeowners find themselves unable keep up with their increased mortgage payments, and many times the mortgage loan debt is more then the home is worth… in other words - No Equity left in the property. The mortgage bankers are unable to modify the loan or reduce the payments, nor re-finance the home. Unfortunately, many homeowners give up, because they think there is nothing they can do to stop the Foreclosure of the home. Well, there IS something you can do that’s far better then a Foreclosure… it’s called a Short Sale.

with Banks are resolved through the Short Sale method.

During a Short Sale, I have persuasive negotiations with your mortgage Banker(s), on your behalf. Utilizing my expertise and vast experience, I am able to convince the Mortgage Bank(s) to reduce your loan balance on the home, in most cases.  This allows us to then sell your home quickly to another Buyer, versus allowing the Bank to Foreclose on your home which would ruin your credit and cause undue embarrassment. You may ask yourself  “Why should I care, for I have no more equity left in my house ?”… Well, the fact is there are several important reasons why a Short Sale is far better for you compared to Foreclosure… Here’s why:

1.) SHORTER PERIOD OF DAMAGED CREDIT: A Foreclosure will stay on your credit report for 7 years, but a bank Short Sale will typically only last about 2 to 3 years on your credit report. 

2.) BETTER FICO SCORE: A Foreclosure more negatively affects your FICO score which is the all important credit rating number mortgage lenders use to determine if they will loan money to you or not.  Many mortgage experts believe that a Foreclosure will drop your FICO score by 100 to 200 points more then a Short Sale does. If you want to borrower money in the next 5 to 7 years for a car, boat, or a home, then the Short Sale will make a big improvement.

3.) MUCH SHORTER DELAY TO RENEWED LOAN WORTHINESS: Fannie Mae (FNMA) recently changed their underwriting policy.  This new policy now requires a past homeowner to wait 5 years after a Foreclosure Sale before FNMA will underwrite a new loan.  But, if the homeowner conducted a Short Sale, then the wait time for a new loan with FNMA is just 2 Years !

4.) PROBABLE RELIEF FROM HELOC 2ND MORTGAGE: If you have a 2nd TD HELOC mortgage, and the 1st Mortgage Bank were to Foreclose, the 2nd TD HELOC loan is not deleted from your debts as a “purchase money” 2nd TD would be.  In these situations, the 2nd TD HELOC loan becomes unsecured debt, and the HELOC mortgage bank may take other legal means to collect their debt.  During a Short Sale, we are often able to negotiate with the 1st Lender and the 2nd HELOC lender, to highly reduce or eliminate the HELOC loan debt and thereby avoid legal debt liabilities.

5.) DIGNIFIED SOLUTION: During a Short Sale, you decide to sell your home to another potential home buyer - just like your neighbors have over the years. It is a relatively pleasant and dignified resolution to a very tough situation. On the other hand, after the Foreclosure sale, a Bank representative comes by the home to lock up the doors and windows and change the locks, and if you are still there, they contact the local Sheriff to have you forcibly  evicted. Then the home sits vacant for several months as the grass gets brown and the trash and the papers collect in the yard. The agent for the bank usually slaps ‘Bank Foreclosure’ signs all over the property while the house sits empty waiting for a sale.

6.) EASIER TO FIND NEW HOME: If you are like most people in this situation, you will be looking for a home to rent after this issue is resolved. It is easier to find a nicer home to rent if you conduct a Short Sale versus a Foreclosure. Most property managers obtain a credit report . A Short Sale whereby you cooperated with your bank to resolve the situation is much better then a Foreclosure on your credit report. Often times, this will allow you to rent a home in a better location with a lower rent payment.

The longer you wait, the harder it is for me to help.

Don’t trust your home Short Sale with just any Realtor !!   You may only have one shot at this, and there is a lot riding on the successful negotiations with your Bank and subsequent sale of your Home.  I am an experienced Certified Short Sale Specialist.  

Please give me a call TODAY, so I can begin to help you TOMORROW