Short Sale Avengers

Numerous homeowners are finding it difficult to afford their house payments today for any number of reasons. Some are faced with job losses, others with medical emergencies and many are simply affected by the economic downturn of the global recession. The financial strain is being felt by just about everyone in society.

As a result of these financial times, many homeowners are thinking about selling their home and downsizing in order to create a more affordable lifestyle. The drop in real estate values however has made it impossible for many would-be sellers to be able to sell their home because they now find themselves upside down with negative equity.

Negative Equity

Negative equity results when the value of a piece of real estate is less than the amount of the mortgage(s) owed against that piece of real estate. Homeowners who bought their homes recently (i.e. 2003 to 2007) have been hit the hardest, since they purchased near the top of the market. In addition, homeowners that refinanced during this same period of time and borrowed the maximum of what their home appraised for are now finding themselves in the same negative equity position.

Options

If you are a homeowner with negative equity, or are financially challenged and need to lower your monthly housing obligation, there are options available to you now.

Loan Modification

Loan Modification is one such option; an option that could allow you to remain in your current home, but with a lower monthly cost. There are strict requirements to receive a loan modification, but if met, you could receive a modification of your current interest rate, monthly payment and possibly the unpaid balance of your mortgage.

Short Sale

A Short Sale of your home is another option. Put simply, in a short sale, the seller lists their home for sale with a real estate broker. When an offer is received and negotiated to the satisfaction of the seller, it is then forwarded on to the mortgage company for approval. If the short sale is approved, the mortgage company will accept less at closing than what the homeowner owes them on the mortgage.

Will I Qualify for either a Loan Modification or Short Sale?

If you are experiencing a legitimate hardship, it is very likely you will qualify for one or both of these options. Surprisingly however, many homeowners will fail to benefit from one of these options because the mortgage company’s guidelines are not followed or understood by the real estate representative(s) handling the transaction. The process of getting a loan modification or short sale accepted is complicated at best and roughly 20% of the requests are accepted by the mortgage company.

A homeowner seeking to obtain a loan modification or a short sale should seek out a CDPE (Certified Distressed Property Expert), as well as an attorney that is familiar with these processes. As of April 2009, there were less than 4000 Realtors in the United States (among 1.1 million) that had been trained and had received a CDPE designation. Real estate agents who had earned their CDPE designation were getting an amazing 80% of their short sales approved by the mortgage company.

If you are behind or upside down on your mortgage, can no longer afford the current house payments, or are experiencing a hardship and would like to get out from under the mortgage, we can help. You are not alone. There are options that would include a possible loan modification or short sale.

We can help most families avoid foreclosure and save their credit! We have helped many families in similar situations. View our testimonies and then contact our office today at (952) 431-3900 for a confidential discussion.

To learn more about your options and possible solutions, make sure to visit our web site www.MinnesotaDistressedProperty.com.

Numerous homeowners are finding it difficult to afford their house payments today for any number of reasons. Some are faced with job losses, others with medical emergencies and many are simply affected by the economic downturn of the global recession. The financial strain is being felt by just about everyone in society.