How Real Estate Short Sale Can Help You Stop Foreclosure

There are various reasons why people failed to pay their mortgage. The status of our economy greatly affects the financial situation of people from all over the world. Naturally, failure to pay one’s mortgage inevitably ends up in the property being foreclosed upon. This is the worst nightmare that borrowers would never want to encounter. The good thing is that you can find ways to prevent foreclosure and get your property back. This is when you can think of applying for a short sale. So what is short sale anyways and how can it help you stop foreclosure?

What to Know about Short Sale

A short sale is a process wherein a borrower will decide to sell his property as long as the amount is lower than the mortgage. The amount that you can get from selling your house will then be used to settle your mortgage. This will only be possible if both the lender and borrower have decided to sell the property. Both parties can benefit from short sale because the borrower can prevent foreclosure that will appear on his credit record while the lender can keep away from paying substantial fees.

The Process of Real Estate Short Sale

When the lender and borrower have agreed to sell the property, what you have to do next is to consult an attornеy, tax profеssional, and a rеal еstatе agеnt. If you think that hiring these people is just an added expense that you have to pay, well, realizing that they can save you from making serious mistakes in selling your property is enough reason why you need their help.

Not sure where to turn, contact us and we can help you get in touch with all the necessary agencies and parties to stop foreclosure, whether the best solution is a short sale or something else. Fill out the form on this page or call 512-271-5044 and let us help you stop foreclosure as we’ve helped many other Texans.

You are required to prepare necessary documentation that will prove you’re going through financial struggles. It might include a termination notice, medical bills, or a bank statement that will help you become qualified for a real estate short sale. Next is for you to find a buyer. And once you have found a buyer, you can present the proposal as well as the offer of the buyer to the lender. You also have to include a hardship letter informing them why you failed to pay the mortgage.

Real estate short sale might take some time because you still have to wait for the lender to agree to your proposal. In this case, your buyer might look for another property. Though this can be risky, having the possibility that you can sell your property in an instant can save you from foreclosure.

Let Save My Texas Home guide you through every step of the process. We’ve helped many Texans with short sales. But also, contact us to find out if there is not an even better solution. We offer free consultation as well as free hands on help every step of the way.

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