A short sale is when a property is sold and the lender agrees to release lien on that property after less than the actual amount due is paid. This is then accepted as full payment and the lien is released by the lender. A short sale will be considered by the lender after a default or a stop in mortgage payments.
This is a written plea to the lender to accept less than is actually owed on the loan as full payment. In this letter you will have to describe the circumstances surrounding your inability to keep up with mortgage payments.
This will be necessary for the lender to release loan information to your listing agent, selling agents, title company, and buyer and seller attorneys. Most lenders will not disclose this personal information without written consent.
This is a statement sent to the lender by the seller’s attorney. This is a net sheet that shows how the money will be dispersed at the closing. This includes: buyer’s name, seller’s name, subject property, proposed closing date, sales price, where the funding is from (loan or cash), taxes being paid, lender information, insurance, closing fees, and title search. This preliminary statement is sent to the lender of the lien for approval of the short sale.
Lenders will want assurance that the debtor is unable to pay the debt back. They will require proof including: checking and savings accounts, pay stubs, stocks, bonds, any other real estate, or anything else of monetary value. This is also
Sometimes property values fall and as a result you are unable to sell your home for the full amount that is owed to the lender. You can have a Real Estate Agent, such as the experts at Netter Real Estate, provide you with a comparative market analysis (CMA). A CMA provides you with up-to-date information on recent sales of comparable homes in your area in order to better determine the current market value of your home.
Call Netter Real Estate Today for a FREE CMA of Your Home 631.661.5100 or 800.626.7356
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