With today's difficult economic times, many homeowners are facing a difficult situation.  Many can no longer afford to keep their mortgage payments current and can not sell their house because they owe more than the property is worth in our current market.  This awkward situation often ends up with the homeowner losing their home to foreclosure.  However, there are alternatives to bankruptcy or foreclosure proceedings - one is called a "Short Sale".

A Short Sale occurs when a home owner owes more on their property than the property is actually worth.  The lender agrees to accept less than what is owed, as payment-in-full, in order to avoid the foreclosure process.  A Short Sale provides a win-win solution for the distressed homeowner as well as the Lender.  The homeowner avoids the devastating effects of a foreclosure and the lender avoids the effort and expense of the foreclosure process.

There is help for you if you start as soon as you realize you are in trouble.  Your lender will cover the commission and most of the closing costs for the seller in a Short Sale Program.  I know Title Companies who do not charge an upfront short-sale transaction fee and only receive payment for this service once the short sale is approved and the closing occurs.  Their expertise is invaluable in pushing a short sale deal through the process.  If someone asks for up front fees, I suggest you find someone else to do business with as those are often high risk deals.

I am a certified Broker Price Opinion Resource (BPOR) who has helped Asset Managers assess the value and set the market price on more than a 1000 properties.  This gives me the experience to properly assess the accurate market value of your home.

Short Sale is not the only solution to foreclosure and may not be the perfect solution for everyone, but it is an option worth exploring.  When faced with a possible foreclosure, you should consult an attorney for legal advice and a tax consultant about possible tax issues.  As a Certified Short Sale and Foreclosure Resource Agent, I can help with your real estate questions regarding the short sale process.

Some communities have special programs along with the State and National programs to help avoid foreclosure.  For more information, contact me today.