Bank Short Sale
The difference between a bank short sale and foreclosure is that mortgage lenders allow borrowers to sale their home for less than they owe on their mortgage note. Certain restrictions apply and borrowers must obtain short sale approval from their lender.
A bank short sale can be hard to obtain. Although lenders prefer this method over foreclosure, short sales require additional paperwork and mountains of documentation. Since the bank will be taking a loss on the property, they want to make certain the borrower is truly incapable of repaying the loan or getting back on track with their mortgage payments.
Short sales are usually handled through the lender's loss mitigation department. When a borrower becomes delinquent on their mortgage, their loan is turned over to a loss mitigator. The primary role of the loss mitigator is to help borrower's devise a repayment plan that is feasible, while allowing the lender to recoup their losses.
Typically, loss mitigators will offer borrowers a loan modification. Depending on the circumstances, the borrower may have to provide a down payment or pay arrearages before the loan can be modified.
If the borrower is incapable of becoming current on his mortgage note or paying future mortgage payments, the lender might agree to a short sale. In order to achieve success, borrowers must locate a qualified buyer within a short period of time.
In today's market, there are an abundance of cheap homes for sale and few buyers. Therefore, the hardest aspect of a short sale transaction is finding a buyer who wants your house. One option is to work with a real estate professional that possesses short sale experience.
Simon Volkov has earned a reputation for being one of the nation's short sale experts. With nearly 400 successful short sale transactions in Washington, California and Florida, many real estate agents are waiting in line to work with Simon because they know he gets the job done.
Experts claim only one of every ten bank short sale requests is approved. Simon possesses an 80-percent success rate because he understands the process involved. Borrowers who attempt to obtain short sale approval on their own usually find their self frustrated, anxious and overwhelmed.
Simon is currently accepting new clients who are facing foreclosure and need to sell their house quickly. Due to the complexities and time constraints imposed by the short sale process, Simon can only work with a few people.
Time is of the essence. If you need to escape the financial bondage of your mortgage loan, take 5 minutes and fill out the "we buy houses" form. Simon will review your information and contact you by phone to discuss available options.
If you prefer to go-it-alone, consider purchasing Simon Volkov's, "Short Sale Hardship Letter ebook course" available at www.ShortSaleHardshipLetter.com. This comprehensive guide is short, sweet and to-the-point. It includes vital information on how to write a short sale hardship letter and how to persuade loss mitigators to grant short sale approval.
Whatever you decide, don't delay. Losing your home to foreclosure can be avoided by taking action today.