North Attleboro New & Events

Short Sales


Massachusetts Foreclosure Info


State of Massachusetts

How to
Avoid Foreclosure


Short Sales


Foreclosure News

 

Foreclosure or Bankruptcy is NOT the only answer! We can
help!

Yesterday, life was
good. You were meeting your mortgage, had money for groceries and
the kids were happy. Today is different.

Know you are not
alone! This may not seem to helpful, but you are not alone. The
economy has forced many families to review their financial situation
and make adjustments. Throw in any additional roadblocks (loss of
job, illness, other hardships) and now you are overwhelmed.
Television and radio commercials tend to push bankruptcy as your
only option.

It's not the only
option. Even if you have received a foreclosure notice. There still
may be time. This is called a Short Sale.

A short sale can be an
excellent solution for homeowners who need to sell, and who owe more
on their homes than they are worth. In the past, it was rare for a
bank or lender to accept a short sale. Today, however, due to
overwhelming market changes, banks and lenders have become much more
negotiable when it comes to these transactions. Recent changes in
corporate policy and the Obama administration have also improved the
chances of getting a short sale approved.

But to be technical,
here's a more official definition:

  • A homeowner is
    'short' when the amount owed on his/her property is higher
    than current market value.
  • A short sale
    occurs when a negotiation is entered into with the
    homeowner's mortgage company (or companies) to accept less
    than the full balance of the loan at closing. A buyer closes
    on the property, and the property is then 'sold short' of
    the total value of the mortgage. (Common
    Foreclosure Terminology
    ).

For homeowners to
qualify for a short sale, they must fall into any or all of the
following circumstances:

  • Financial
    Hardship – There is a situation causing you to have trouble
    affording your mortgage.
  • Monthly Income
    Shortfall – In other words: "You have more month than
    money." A lender will want to see that you cannot afford, or
    soon will not be able to afford your mortgage.
  • Insolvency – The
    lender will want to see that you do not have significant
    liquid assets that would allow you to pay down your
    mortgage.
  • This seems
    simple enough, but it is a complicated process that takes
    the expertise
 Contact us
with confidence. Your information will be held confidential. We
understand that this is not an easy time for you and your family and
we will work with you to help you through.
You have our word.

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