Raleigh - Cary Home Reviews & Market News!: Short Sales . . . Avoiding Foreclosure Hell

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Short Sales . . . Avoiding Foreclosure Hell

Short Sales - Easy to Understand What they are but, Difficult to know how to get through one!

I came across this Blog originally written by Fernando of Maryland.  He did such a great job explaining short sales with his visuals.  So often I ask buyers if they know what a short sale is and most of the time they don't.

This is a great illustration and really helps consumers understand how it feels to be in this situation.  If you're feeling this way and think a short sale might be for you, contact your local Real Estate Professional for help.

Definition of a Short Sale:

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties cFonsent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Field guide to Short Sales - Additional information regarding short sales.

 

 

I hear this question very often. .

 

What is a Short Sale?

 

The simplified version. . .

 

 

Mortgage Underwater? . .

You are hoping the problem will go away. .

You pay and pay and pay. . .and soon discover. .

You get into deeper debt. .by cashing in your 401K

 

Bank Savings, Your Kid's College Funds. . "The Great Disappearing Act" 

You don’t know what to do?

 

in desperation you start borrowing money from friends and is . . just to pay your bills? . .

 

Your Visa & MasterCard Get.. .

 

You then  call your lender and ask for a loan modification. . .

 

You feel you are losing it. .  .

 

You are losing all control. . .

The lender loses your paperwork . . hours on the phone. . . on hold . .

they don’t seem to care. .

 

Nothing can help you now. .

 

 Running out of options. . .

The lender loses your paperwork one more time . . more hours on the phone. . . on hold . .

you finally realize that . . .they don’t care . . they are only interested in one way loan modifications. . where they are the beneficiaries  . . not you!

 

 

 

Then a glimpse of hopefulness. . . becomes evident on the distance. .

 

 

 

 

 

 

 TO HELP YOU AVOID. . .

 

 

 

 

 

We are your safety net. . .

Fernando Herboso

Short Sales Expert

240-426-5754

MD, DC and VA

 

 

 

Short Sales Maryland Virginia DC

 

 

 

 

 

 

Short Sales HelpSelling Homesforeclosures marylandrent with option to buyreal estate maryland

   Fernando Herboso Broker *Realty Group for Maryland DC and Virginia 240-426-5754

 

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Comment balloon 4 commentsCarla Freund • November 15 2010 12:30PM

Comments

Carla - Thank you for sharing a very good blog about short sale and avoiding foreclosure.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 7 years ago

Hi Carla -- The visuals can drive home the point that text oftentimes can't do as well, great re-post! :)

Posted by Chris Olsen, Broker Owner Cleveland Ohio Real Estate (Olsen Ziegler Realty) over 7 years ago

Thanks John & Chris,

Somehow I missed this post the first time around and figured I wasn't the only one.  Fernando did a great job and just had to share.  Have a wonderful day!

Posted by Carla Freund, Raleigh - Cary Triangle Real Estate 919-602-8489 (Keller Williams Preferred Realty) over 7 years ago

Thank you Carla. . wishing you success!

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) over 7 years ago

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