What is 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 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:
- 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.
- 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.
What are short sale incentives?
Banks are paying homeowners up to $35,000 to list and sell their homes.
Cash short sale incentives programs are used by banks to entice a borrower(s) to short sale their home. It is important to understand that a short sale can be an overall benefit for both the borrower and the bank/lender. Typically, banks will not only pay a cash incentive to you if you agree to short sale but they will also waive any deficiency of balance as well. The reason they do this is because in a short sale the bank/lender will typically end up with more money than if they'd foreclosed. For instance, Bank of America has a COOP program that allows people to receive $2500 at closing. Bank of America also has state specific short sale programs that can also provide an additional $30,000 at closing.
To learn more about these cash incentive programs…call and speak to us so we can explain more. Of course all calls are confidential and our team is made up of industry professionals who are only paid by the bank upon the completion of a successful short sale so you are never under any obligation to get help or your questions answered. We have helped thousands of homeowners just like you. Call us at (571)237-2347
Other banks have these programs as well; Chase has a great program that can allow the seller to receive up to $35,000. We have personally seen borrower’s walk from closing with checks so these programs are very much for real.
Our Government has the HAFA Program which will provide $3,000 at closing; we can help you identify what program you may qualify for.
We can also help you find out what short sale incentives you may qualify for, call us directly at (571)237-2347
All calls are confidential, and we do not charge for our assistance.
see more http://stafford.mortgageforgivenessplan.com/
Banks are paying homeowners up to $35,000 to list and sell their homes.
Cash short sale incentives programs are used by banks to entice a borrower(s) to short sale their home. It is important to understand that a short sale can be an overall benefit for both the borrower and the bank/lender. Typically, banks will not only pay a cash incentive to you if you agree to short sale but they will also waive any deficiency of balance as well. The reason they do this is because in a short sale the bank/lender will typically end up with more money than if they'd foreclosed. For instance, Bank of America has a COOP program that allows people to receive $2500 at closing. Bank of America also has state specific short sale programs that can also provide an additional $30,000 at closing.
To learn more about these cash incentive programs…call and speak to us so we can explain more. Of course all calls are confidential and our team is made up of industry professionals who are only paid by the bank upon the completion of a successful short sale so you are never under any obligation to get help or your questions answered. We have helped thousands of homeowners just like you. Call us at (571)237-2347
Other banks have these programs as well; Chase has a great program that can allow the seller to receive up to $35,000. We have personally seen borrower’s walk from closing with checks so these programs are very much for real.
Our Government has the HAFA Program which will provide $3,000 at closing; we can help you identify what program you may qualify for.
We can also help you find out what short sale incentives you may qualify for, call us directly at (571)237-2347
All calls are confidential, and we do not charge for our assistance.
see more http://stafford.mortgageforgivenessplan.com/
