Foreclosure is NOT the only Option.
There is a good possibility you know someone in the Atlanta area that is experiencing financial hardship due to the loss of a job, health & medical issues or the increase in their monthly mortgage making their mortgage payment unaffordable. Many homeowners in the Atlanta area are late or behind on their mortgage payments and are facing the possibility of Foreclosure. Avoiding Foreclosure and the negative long term effects on your financial future is possible. One solution is the “Short Sale” of your home. Below is some helpful information that will explain Short Sales.
What is a Short Sale?
A Short Sale takes place when a homeowner is unable to make payments on their mortgage and owes more on the mortgage than the home is worth. The homeowner makes a request to the lender to allow the home to be sold for less than what is owed to the bank and the homeowner is relieved of the debt. The Short Sale of your property is mutually beneficial to both seller and lender. The Foreclosure process for the lender is more costly and is a much more tedious process. Lenders will usually approve the Short Sale of a home if the homeowner is in a proven distressed situation as described below:
Financial Hardship Due To:
- Loss of Employment or salary reduction
- Death of co-borrower
- Divorce or legal separation
- Illness of borrower or co-borrower or family member where the borrower or co-borrower are responsible for medical payments.
Monthly Income Short Fall – You may need to provide the lender with proof that you cannot afford your monthly mortgage payments.
Insolvency – You may need to show the lender that you do not have liquid assets that would help you pay your mortgage. Retirement funds are not included.
The Short Sale process is not necessarily “short” and the process can be a complicated one.
If you are considering a Short Sale of your property and would like to avoid Foreclosure and the negative effect on your financial future please contact Mike. Mike is a Certified Distressed Property Expert and is available to answer your questions and he would be happy to meet with you for a private consultation.
There is hope – We Can Help!
Please see the short video below for an explanation of Sale Sale vs. Foreclosure.