Short Sales Information

shutterstock_146213645Short sales were something that not many people had heard of until the economic downturn in recent years. I am a qualified and certified Short Sale & Foreclosure Resource. I stay current on all of the tools available to assist my clients in the best and most thorough manner possible.

Here is a quick summary of what a short sale is: Short sale (real estate) – the lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss. This usually occurs when the market drops and the property is worth less than what the current mortgage is. Usually facilitated by a loss mitigator who negotiates that debt owed down to a level where the property can be sold.

What is a Hardship?

A hardship is a life-changing event for a borrower that can result in their inability to make mortgage payments. Examples are:

  • Job Loss
  • Separation or Divorce
  • Medical Bills
  • Inability to work due to Health issues
  • Death of a spouse
  • Job Relocation
  • Reduced Income or Unemployment
  • Business Failure

5 Reasons to Avoid Foreclosure

  1. The homeowner will always have to disclose they have had a foreclosure on any mortgage application.
  2. Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit card, etc.
  3. A foreclosure is the one credit report item that is almost impossible to be ‘repaired’.
  4. Military and government security clearance could be at risk with foreclosure.
  5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.

What is Required from the Property Owner

  • Sign a listing agreement with a qualified, certified Short Sale & Foreclosure Resources, REALTOR.
  • Cooperate with access, showings, offers and with the REALTOR.
  • Provide all written documentation of hardship as requested by your lender(s) and REALTOR.

Have a question or interested in buying or selling? Contact me now!

Joyce Corsi Hazen – (602) 284-9822

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