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The Joe Niece Team....The Results of Experience

Short Sale Questions and Information! --Click Here--

Who Needs a Short Sale?

A short sale can be one of the best options for many homeowners. In the past, it was a route primarily for borrowers who were in financial strain. This is no longer the case as new legislation has allowed for more people to take advantage of this type of transaction. YOU DO NOT NEED TO BE IN ANY KIND OF FINANCIAL STRAIN TO EXECUTE A SHORT SALE!

Did you buy your home in 2002, 2003, 2004, 2005, 2006 or 2007?

If you didn’t put a sizeable down payment into your purchase, you may be upside down. Being upside down means that you could not sell your home today for the same amount as when you purchased it. With many loans being issued at 90, 95, and 100% of market value when the purchase was made, this generally means that one would have to bring capital to closing in order to consummate a sale. A short sale takes care of this problem.

Without being in any kind of financial strain, you may be able to still take advantage of a short sale. With recent changes in the tax code, there may be no ramifications for executing this, allowing you to dispose of substantial mortgage liability. If you could buy your next-door neighbor's house for $200,000 less than what you owe on yours, and there was no penalty to do so, wouldn't you?

Are you in a Pay Option, MTA, or Negative Amortizing Loan Product?

If so, each day you are increasing the amount that you owe on your loan. This "teaser" rate does not pay the full interest due each month, and thus increases the balance that you owe daily. Mixed with a declining real estate market, this can prove to be a financial disaster. Many have found that they were sold on their mortgage product based on a minimum payment to qualify for the loan. Additional problems arise when a mortgage "recasts"; the interest rate goes up, which adds additional monthly mortgage commitment. Mortgage payments can go up astronomically, forcing many into a foreclosure situation.

A short sale can stop this downward spiral. Many homeowners would need another historic real estate boom in order to ever get out of being upside down. Some analysts say that it will be 10-12 years before values will again rise to 2005 prices.

Are you having trouble making your payments? Are you facing foreclosure or bankruptcy? If you are having trouble making your mortgage payments, please choose to act quickly! Time is of the essence, and it is not on the borrower's side. Short sales are not immediate fixes and do take time. Most lenders will not review a short sale package prior to having a purchase contract. While we can often have an investor place a contract on your property to buy time, it is always best to give the property ample time on the market in order to generate a true offer. Please see “What are the ramifications of foreclosure?” for additional information on what can happen if you do not act today.

A short sale is one of the best ways to avoid foreclosure. Lenders would much rather approve a short sale than foreclose on a property and take it into REO (Real Estate Owned). Foreclosure proceedings can cost as much as $75,000 to a lender.

  Minnesota Shortsale Hardship Letter Samples Minnesota Shortsale Hardship Letter Samples

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