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Behind in your Mortgage payments?
St. Louis Realty Can Help!
If you are one of the many homeowners who have fallen behind on your mortgage payments and you can?t find a way to avoid foreclosure, a short sale can offer you the least painful way to resolve the situation.
Many foreclosures can be alleviated with a short sale. Short sale is a term used by lenders who accept a lesser amount than is due on the mortgage note. Lenders will sometimes offer a short sale agreement to borrowers who have defaulted on their mortage and facing foreclosure. This type of real estate transaction is usually negotiated with the bank?s loss mitigation department. When successful, the borrower is able to sell their home for an agreed amount and walk away without causing extensive damage to their credit. Please contact one of the trained agents at St. Louis Realty to find out if you qualify for a short sale.
What St. Louis Realty will do for you:
- Communicate with your lender on all the short sale requirements
- Gather all pertinent information from you regarding your hardship
- List your home with lenders authorization
- Market your property
- Obtain an offer from a buyer
- Submit a proposal to your lender and negotiate the offer
- Close the deal
How can this benefit a seller?
The ideal scenario would be that you magically catch up on your mortgage payments and keep your home. But for an increasing number of Americans, that is not a realistic possibility, so it's to your advantage to take an active role. This is what a short sale is all about -- resolving the problem, as opposed to simply hiding from your lender and hoping the issue will go away or, worse, walking away from your property.
As a seller, there are cons to a short sale. Obviously, you will lose your home -- but that will happen anyway when the bank forecloses. You will also walk away without a cent in profit from the sale. And, your credit score will take a major hit.
However, because you are making a good faith effort, the lender may look more favorably on you, and perhaps be willing to help minimize the damage to your credit score. You are also spared the stress and embarrassment of a long drawn-out foreclosure process. That's may allow you to feel more in control and that you have a more direct role in paying off part of the debt. Remember, too, that every short sale is a negotiated agreement between the owner and the lender. In a foreclosure, the lender can always pursue the seller for a deficiency judgment to recoup the difference between what it was owed and what it actually collected. In a short sale you may be able to get the lender to accept the sale as "payment in full without pursuit of any deficiency judgment." The lender might agree to that release in return for the seller showing the home, maintaining it as well as possible and not doing damage to the property.
A short sale can be considered a win-win as the bank will end up saving money and the seller can end up saving their credit.
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