Short Sales Information
HOMEOWNERS
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What is a short sale?
For homeowners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a short sale. When lenders agree to a short sale in real estate, it means they are willing to release their lien against the home for less than the outstanding mortgage balance (including default interest and penalties, etc.). Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose.
Typically a short sale homeowner purchased the property within the last five years and financed a high percentage of the purchase price and perhaps closing costs, if not all (i.e. 100% financing with a seller's concession). Since that time prices have dropped significantly in value which means that if the homeowner wanted to sell or refinance they would have make up the difference between the mortgage balance and the current decreased value, plus closing costs.
Inevitably, if the homeowner cannot afford to remain in premises, the lender will repossess the property through foreclosure proceedings. A short sale can save the homeowner many months of stress, aggravation and uncertainty.
Get help for FREE today by visiting http://www.makinghomeaffordable.gov/ There are options for you, speak with a HUD approved housing counselor today.
The State encourages you to become informed about your options in foreclosure. In addition to seeking assistance from an attorney or legal aid office, there are government agencies and non-profit organizations that you may contact for information about possible options, including trying to work with your lender during this process.
To locate and entity near you, you may call the toll-free helpline maintained by the New York State Banking Dept. at 1-877-BANK-NYS (1-877-226-5697) or visit the Dept's website at WWW.BANKING.STATE.NY.US
Legal Disclaimers: NYRE, Inc. when acting as Loss Mitigation specialists merely convey information on behalf of Clients and Customers and make no representation of Legal advice. For all Legal and Law advice, please seek an attorney in your area. All advice given through NYRE, Inc. and it’s representatives is solely based on it’s years of experience in the Real Estate and Mortgaging fields.
