What is a Short Sale or Short Payoff
What is a short sale? A short sale or short payoff is one your last options
to avoid foreclosure on your home. In a short sale your lender will agree to a discounted
sale of your home in liue of the total balance of your mortgage loan. From a process
point of view a short sale is the same as a loan modification. You will need to
prove hardship in order for your lender to agree to a short sale.
Although a short sale can prevent foreclosure you need to be aware that it will
effect your credit. Your credit will be noted with a short payoff and your credit
score will most likely drop 100 to 200 points. This will most likely prevent you
from purchasing a home for a couple of years. The alternative of foreclosure or
bankrupcy has a more damaging effect on your credit. You will be unable to purchase
a new home or get financing for a new for a minimum of 7 years.
What services does LMP provide on a short sale ?
We understand how difficult it may be to let go of your home. The idea of letting
go of your home is mentally and emotianally draining. However, you have to look
forward and short sale may be the best option you have to avoid foreclosure and
keep your options open for the future purchase of new home. Our service provides
a free consultation to review of your situation and help you determine the best
option for you. Once it is determined that to "short sale house"
is the option, we will take over the negotiation, listing and sell of your home
on your behalf. You will be kept informed every step of the process.
Short Sale and Deed in Lieu options:
If it is determined that a loan modification is not an option, then we will
walk you through a step by step short sale process. The short sale process will
require that the lender agrees to the short sale and that your property be listed
for sale.
Short Sale Program options:
- Option 1: Do-it-Yourself FREE Consultation and Guide
- Option 2: Full Service Short Sale
How can LMP help you ?
We understand that "Making Home Affordable" is a plan to help to financial
strapped homeowners that are facing foreclosure. Because of this we have developed
a plan that provides assistance no matter what your current financial situation
may be. All options provide you the assistance and help you need to work with your
lender. The end goal is to get the temporary or permanent relief on your mortgage
payments due to unforeseen circumstances such as a temporary loss of income, a family
illness or various other hardships.
If you are at risk of a foreclosure you have several options. The first option is
a loan modification. A sucessful loan modification will be based on your hardship
and the ability to show that you will be able to keep making your modified monthly
payments. The second option is a home short sale. This option is an alternative
to foreclosure where the bank agrees to sell property for less than the amount owed.
The third option is a "cash for keys" or deed in lieu where you turn your
deed over to the bank and walk away from your home. All of these option will help
you avoid foreclosure. Loan Modification Professionals will walk you through all
of these options and help you determine which option is best for you.
Loan Modification Program options:
- Option 1: Do-it-Yourself FREE Consultation and Guide
- Option 2: Do-it-Yourself Online with Support
- Option 3: Do-it-Yourself One on One Support
- Option 4: Full Service Loan Modification Attorney Based
Let the MLSShortSales.Com team consult with you and provide you with all available
options to help avoid foreclosure.