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The Short Sale
Dallas area Foreclosure Help
Worried about your future? We have the information that can help
Is a short sale right for you?
If you are unable to make your mortgage payments and your house is now worth less than you owe on it, foreclosure may not be your only option.
Your Not Sure If You Will Qualify For a Short Sale?
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Do You owe more on your property than what you could sell it for, in particular after commissions closing costs, late payments and interest...
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Having difficulty covering your expenditures each month?
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Don't have money saved to cover the difference of what you could sell your house for and what you owe the lender?
If you happen to owe more than your house is worth and you don't have
the funds for your payments, you might be able to sell it for less than
you owe -- without having to pay the lender the difference.
(although the lender could still demand the homeowner to make some kind
of payment or share the loss). This is called a short sale.
A short sale, in real estate terms, is the sale of a home for less than
what the current owner still owes on the mortgage. When the
lender agrees to a short sale the remaining of the homeowner's
mortgage debt typically is eliminated. This allows the
Lender to take a small loss and avoid the lengthy and costly foreclosure
process.
While it may seem surprising that lenders would agree to accept less
than what they are owed, they benefit from this process also.
Win Win situation
The benefits of short sales is that they can be a win-win for seller and
lender.
Here's how:
The seller gets out of the mortgage liability without facing bankruptcy.
The lender agrees to a loss that is minimal considering the cost of
going through a foreclosure and possessing a potentially un- saleable
property. Lenders hate to reposes homes, particularly in a
declining housing market, so you shouldn’t underestimate the willingness
of a bank to make concessions
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What are my options?
Consider a Short Sale Sell Your HomeSign a Deed-in-Lieu of Foreclosure |