Learn how a Short Sale can save you BIG BUCKS!
Not all short sales are do to the fact that the owner cannot afford to pay their mortgage. Listed below are several valid reasons for a short sale.
Job Transfer, Medical Illness, Upside Down on your Mortgage and the bank won't work with you, Downsize, Bad Investment, Second home and Need the money for retirement. No matter what the situation, a Short Sale will save you Big Bucks.
We understand how you feel. We will give you clear answers, help you understand the process and let you know what the banks expect from you. Everyone we have helped has had the same feelings. How will this effect my credit? Will I be able to get another mortgage? I don't want to burden family or friends? I don't know where to turn for help and where am I going to live? You are not alone. Over 3 million people in this country are going through the same situation.
A Short Sale may be an option for you. Not all Short Sales are due to homeowners inability to pay their mortgage. Some short sales were a bad financial decision. You would never to continue to invest in bad stock, why would you on a home that may never be worth what is owed. Money that is being paid on interest and principle could go to your retirement, child's college fund or just help to get you out of debt all together.
There are many things that banks don't want you to know. Banks Want You To Stay In Your Home While It Is For Sale. You may also be entitled to move out assistance at the time of settlement. You will be able to get another mortgage sooner doing a Short Sale rather than a foreclosure or a Deed in Lieu. Choosing to let the property go to Foreclosure or doing a Deed in Lieu of Foreclosure could keep you from getting another home loan for over 6 years.
Below is a program from HAFA that will assist with your move by giving you up to $3,000 moving assistance at the time of settlement.
"Home Affordable Foreclosure Alternatives (HAFA) Program
If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure AlternativesSM (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.
In either case, HAFA offers benefits that make the transition as favorable as possible:
- You can get free advice from HUD-approved housing counselors and licensed real estate professionals.
- Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls "short" of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.
- In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.
- HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.
- When you close, HAFA may provide $3,000 in relocation assistance."
- See http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx
Below is Dave Ramsey's investment calculator link. Use this link to figure out how much money you will save/make by lowering your monthly expensive and investing it in your future. Stocks have historically provided the highest returns of any asset class -- close to 10% over the long term.
Us this calculator for 401k's, annuities, savings, etc.
Above is just some of the information that you should know. Banks are making Short Sales easier to do every month. Contact us for a free confidential consultation to discuss your options. info@Beachtobayrec.com or our website: Beach to Bay Real Estate Center