If you are having trouble making the payments on your real estate mortgage, you may be worried about foreclosure. You don’t need to have foreclosure on your credit record for the next ten years — your lender may accept a deed-in-lieu and protect your credit rating. You might also be able to get the lender’s approval for a short sale of your property. What is a Short Sale? A short sale refers to the lender accepting a discounted payoff amount, or accepting less money than due to satisfy the loan. Not all lenders will agree to a short sale. Below are some tips on how to get approved for a short sale.
Call Your Lender – Explain to your lender why you are unable to make the payments and why you should be allowed to have a short sale for your real estate. You may be asked to submit documentation of your financial difficulties, including bank statements and tax papers.
Send in Documentation – The lender may request that you send in proof of your income and assets. They’ll want to know if you have any money in a savings account or a money market account. You’ll have to tell them if you have stocks, bonds or other property that could be liquidated to pay off your debt.
Once you have approval to hold a short sale, you’ll still need to submit more paperwork to the lender. You can ask your Realtor to fill out the preliminary net sheet that the lender requires. This form will show what you expect to sell the house for and what the net profit will be after all loans are paid off.
After you find a buyer, mail in a form showing the offer and a copy of the listing agreement. The lender still has the option to refuse to approve the sale if the terms do not meet their requirements. A short sale may be your ticket to avoid foreclosure on your real estate. Ready to work with a professional real estate agent who can guide you through the complicated process? Call me today at (817)789-5591 or email me at Andrea@TrimbleEstates.com.
Andrea Trimble, with Trimble Estates and Fine Homes, specialize in residential real estate home sales in the Dallas area. Andrea Trimble is focused on providing her clients with the utmost service and client satisfaction. To contact Andrea for a real estate consultation, e-mail at:Andrea@TrimbleEstates.com or visit the website: www.TrimbleRealtyProperties.comOffice: (817) 789-5591 Address: 3131 Turtle Creek Blvd Suite 1015 Dallas, TX 75219
Author:Andrea Trimble Phone: 817-789-5591 Dated: September 19th 2013 Views: 2,965 About Andrea: Andrea Trimble is a recognized real estate advisor in the Dallas/ Fort Worth Metroplex market. With ...
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