What Is A Short Sale?
In simple terms, a short sale is transaction in which the bank(s) accepts a discount on their mortgage to allow a sale, and thus avoid foreclosure or bankruptcy.

For example:

A homeowner who is facing foreclosure has an existing first mortgage of $500,000.  The market value of the home is $350,000. The Lender/Servicer agrees to accepts an offer from a new buyer for $350,000 and wipes out $150,000 in mortgage debt, and the home is sold. $500,000.00 – $350,000.00 = a negative <$150,000.00> In this case, $150,000.00 is the SHORTage that the Lender/Servicer is will to accept in this SALE. In actual practice, a Short Sale is one of the most complex transactions in the Residential Real Estates market right now and makes up 70% of all the residential sales volume right now. So make sure you work with MortgageFixers® the seasoned professionals.

What are the Advantages of a Short Sale?

Less Damaging to Credit Rating:
A Foreclosure will damage your credit rating for 5 years; a Short Sale is less damaging and its effect last only 2 years.

Major Banks are Encouraging Short Sales over Foreclosure:

Fannie Mae (FNMA) recently changed their underwriting policy so that a past home owner now has to wait 5 years after a Foreclosure before they will purchase a it from a Conforming Lender and not many lenders are holding their own Portfolios these days. If the homeowner conducted a Short Sale the seasoning time is 2 Years, with reestablished credit.

Probable Relief from HELOC 2nd Mortgage:
When the 1st Mortgage Bank forecloses, the 2nd TD HELOC loan is not deleted from your debt and may become unsecured debt (like a credit card).The HELOC Mortgage Lender may take legal means to collect their debt after the Foreclosure. With a Short Sale, we work with both lenders. In most cases we can highly reduce or totally eliminate the HELOC loan debt.

An Amiable Solution:
With a Short Sale, you sell your home. It’s an amiable resolution to a tough situation.

Much Shorter Delay to Renewed Mortgage Loan Credibility:

We have a referral network of Credit Restoration firms. These firms have been able to make major improvements to the credit ratings of past homeowners like you; it’s not a quick fix but it will help you to achieve Lender Confidence in a shorter time if you want to purchase another home.

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