What is a short sale? A short sale is when the amount of the outstanding loans are greater than the value of the home. This situation is often caused by values in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, contact us for a FREE, NO OBLIGATION CONSULATION. We'll answer all of your questions and concerns regarding the short sale process and discuss your options in order for you to make a more informed decision.
Once you've decided that the short sale is your best option, you should click here to download our authorization form, print it out, complete it including your lender information and signature, then fax it to our office at 501-325-0499 along with a copy of your last mortgage statement or coupon. This written authorization gives your lender permission to release information to our negotiators regarding your loan and allows them to correspond back and forth during the entire process. Most of the time, the lender will now be contacting us instead of you! Interested yet? In most instances, the lender will very rarely even need to contact you again.
Next, gather your income documents as these will be required by your lender as proof of your inability to pay. These documents should include your last 2 paystubs, your last 2 months bank statements, your last 2 years' tax returns, a budget form (which we'll provide for you to complete), and a hardship letter explaining in detail why you are no longer able to make your mortgage payment.
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If you have any concerns regarding stopping a foreclosure or what happens during a short sale in Central Arkansas you can always contact me here or e-mail me. |
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Next, contact us to schedule your 2nd consultation where we'll go over and collect the required documentation and address any additional questions or concerns that you may have.
PLEASE NOTE: The knowledgeable short sale specialists at CORE Property Solutions, LLC have negotiated and purchased many properties in Central Arkansas and have assisted many homeowners in this process. That being stated, our homeowners NEVER pay any closing costs or ANY money out-of-pocket for fees.
Finally, with all the "ammunition", we will now get in touch with your lender and make them aware of the situation. They probably have a dedicated department that manages short sales. We'll confirm that we have all documents required by them as some lenders do have lender-specific documents. Some lenders will be more willing to work with you than others, but the short sale specialists at CORE Property Solutions, LLC have dealt with the good, the bad, and yes. . . even the UGLY. Ultimately, your lender will have to approve the final sale and then we'll all move on.
| The following disclosures are being made pursuant to the Federal Trade Commission’s Mortgage Assistance Relief Services (“MARS”) Rules (16 C.F.R. Part 322).
IMPORTANT NOTICE: Before using this service, consider the following information:
CORE Property Solutions, LLC does not and cannot charge you any upfront fees in conjunction with agreeing to buy your dwelling via a short sale or for providing you any other type of mortgage assistance relief service.
CORE Property Solutions, LLC is NOT associated with any government agency or program, and our company is NOT approved by the government or your lender(s).
Even if you accept this offer and use our service to sell your dwelling via a short sale, your lender may not agree to change your loan or approve the short sale.
CORE Property Solutions, LLC is not and will not provide you with legal advice or representation.
At this time no one knows how long it will take to complete the short sale. There is no guarantee that the short sale or any other type of mortgage assistance relief service will be approved by your lender(s).
You may stop doing business with us at any time with regard to the short sale, our short sale negotiation services (if any),or real estate brokerage services (if any) which are being provided to you as a part of our effort to buy your house.
You may accept or reject the offer of mortgage assistance including the short sale approval that we may obtain from your lender or servicer. If you accept the offer, you may have to pay us a fee of $ -0- for our short sale negotiation services. This fee and all other fees associated with the short sale of your dwelling will be listed on the HUD 1 closing statement. You may be obligated to pay us or an affiliate a commission for real estate brokerage services if you reject a written short sale offer acceptable to the buyer.
If you stop paying your mortgage, you could lose your home and damage your credit rating.
Any decision to stop or limit communication with your lender should be determined by you and your legal counsel in accordance with the Fair Debt Collection Practices Act. |
