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What is a short sale?
A short sale is a transaction in which the lender, or
lenders, agrees to accept less than the mortgage amount
owed by the current homeowner. In some cases, the
difference is forgiven by the lender, and in others the
homeowner must make arrangements with the lender to
settle the remainder of the debt.
To help homeowners who are unable to keep their homes
under the Home Affordable Modification Program,
the HAFA program may make a short sale or a
deed-in-lieu of foreclosure a viable option to help them
avoid foreclosure. The HAFA Program, which took effect
April 5, 2010, provides servicer, seller and junior lien
holder incentives for these transactions and is designed
to simplify and streamline use of short sales and
deeds-in-lieu of foreclosure.
Why is the number of short sales rising?
Due to the recent economic crisis, including rising
unemployment, and drops in home prices in communities
across the nation, the number of short sales is
increasing. Since a short sale generally costs the
lender less than a foreclosure, it can be a viable way
for a lender to minimize its losses.
A short sale can also be the best option for homeowners
who are “upside down” on mortgages because a short sale
may not hurt their credit history as much as a
foreclosure. As a result, homeowners may qualify for
another mortgage sooner once they get back on their feet
financially.
Times Realty Short Sales Expertise
Our local Short Sales Specialist Realtors offer FREE
solutions to home owners.
Does the current economy have you caught between a rock
and a hard place? We may have a FREE solution for you!
We are local short sale specialist realtors who offer
Free counseling and short sale real estate services to
home owners in financial Hardship. If you owe more than
the value of your home, our local agents will work with
your lender to negotiate a lower payoff amount on your
home loans in order to get your home to a price range
where it will sell in this market.
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Our services are completely free to all home owners;
your lender pays our fees, as well as ALL traditional
sellers closing costs!
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We will work to get you fully forgiven of your debt,
regardless of what you owe on your home
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You do not always have to be in Default or foreclosure
to work a short sale
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We are NOT investors; we are state licensed and
regulated real estate agents, who are here to serve your
best interests.
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It is usually in your lenders best interests to accept a
lower amount than you owe, as foreclosure proceedings
cost an average of $58,000 for a lender.
If you are in financial hardship and must get your home
sold, we would like to discuss your circumstances with
you to see if you qualify for one. It is not always the
best option. Contact us today for a free, confidential,
no obligation consultation!
Call 703-533-8100
shortsales@timesrealty.com
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