This unique service has proved to be a lifesaver for thousands of homeowners throughout Florida, preventing foreclosure and allowing them to get back on firm financial ground by clearing their existing debt as a result of the sale. If you’re facing foreclosure, don’t fall prey to the banks and avoid foreclosure by contacting us today.
How Short Selling Works:
The process of short selling is can be a long process, but it is worth it in the end. And the good news is that the process allows a home owner who is facing foreclosure a way out that doesn’t destroy their credit or lead to bankruptcy.
When you owe more on his home than you can afford to pay, there is always an option to sell short, which means that the proceeds from the sale will fall short of the amount owed. In these instances, the lien holders against the property agree to lift the lien and accept the lesser amount as payment.
Short sales are frequently used as a viable option to foreclosure. This is because the process alleviates additional processing fees and other costs to both the borrower as well as the lender.
Lenders that may be holding liens on your home can include the primary mortgage, home equity credit lines, second mortgages, special assessment liens, junior lien holders, and more. Any unpaid balance you owe will be referred to as your deficiency.
The majority of lenders and banks will require that the borrower proves their financial hardship that is preventing repayment of the deficiency. This should also be accompanied by a hardship letter that outlines the reasons that a short sale is absolutely necessary.
Your lender may require examining your bank statements as well, and you may have to account for large cash withdrawals and other transactions.
Proof of Income and Assets:
You may also be required to disclose your assets as well. This includes investments, additional properties, savings accounts, stocks and bonds, and anything else with a tangible value. You need to be honest with your disclosing; lenders are not charities, and they are generally not very empathetic to criminal behavior or people trying to take advantage of the situation.
- Florida and Nevada Lead the United States in states with the largest percentage of homes still underwater.
- Florida currently has the highest number of short sales in the country
- At the end of the year 2012, short sales in Florida accounted for nearly 23 percent of all residential home sales.
If you need to sell your house fast to avoid foreclosure, don’t waste any more time and fill out the simple form below. At CashEstimate.com, our experienced professionals will work with you to find a solution to resolving your debt, and we buy houses when you need to sell.