SHORT SALES/DIGNIFIED EXIT
DIGNIFIED EXIT: Banks are seeing more and more people strategically default on their mortgages, in other words, chose to stop paying on their mortgages due to finances and/or falling home prices. To prevent this, many banks are now utilizing the Realtor network to successfully help people sell for less than they owe through a short sale. This process is getting easier and helps the homeowner avoid the stigma and financial/credit/tax ramifications of a full foreclosure. Many banks are even helping the homeowner with relocation expenses. Most telling, most banks are allowing people to do a short sale no matter how many other assets and property those people may have. Therefore, this new brand of short sale is a dignified exit for the homeowner to take. It is also the quickest route many real estate professionals can see for helping the housing market heal. The US economy cannot become robust again until the housing market recovers. Of particular concern is the immense portfolio of Option Payment Adjustable Mortgages across the country that is expected to go into default during the next few years. Homeowners with this class of mortgage will find their banks practically bending over backwards to stave off foreclosure.
The last thing you wanted for your property was to lose it to the bank. And if you've already had a public Notice of Default posted against your property, you have now received endless solicitations from people offering to help you. Many of these will be legitimate offers, some will not be. The ones that aren't will be from scammers looking for you to hand over either sensitive personal data for their own use, to give them money up-front to help you out, or to give them the title to your property. Often, scammers will ask for all of this and more.
What can you do? Do not pay up-front for loan modification or other service fees, do not give out sensitive personal information without knowing who you are dealing with, and do not hand over the title of your property.
If you are facing losing your house, you can try to get a loan modification through your lender. If that doesn't work out, then you can do a lender-assisted sale, commonly known as a short sale. I can give you pointers on doing a loan modification as I am a former long-time loan officer. If that doesn't work, I can work with you on selling your home before it becomes bank-owned. That will help your credit and possibly your tax liability. If we begin working together on a short sale, I will have you contact a CPA of your choosing to discuss how a short sale will impact you specifically versus a full foreclosure. It is always on a case-by-case basis.
Banks are getting smarter and seeing that it works out best for everyone if they let their borrowers do a short sale. I would be honored to assist you in that. You may reach me on my cell phone at (831) 917-2892 or by email at email@example.com.