___________________________________________________________________________________________________________
My Name is Sheila Ledesma ,your Loan and Home Consultant for the Las Vegas valley, Along with my partners, we offer home loans plus other lending options for both buyers and sellers in all areas of the Valley.
_______________________________________________________________________________________________
You need Adobe Flash Player 9 to view this widget.
Short Sale Introduction
A Short Sale, as the name implies, is an agreement between the owner of a home and the lender to accept an offer for less than the total amount owed to pay off the loan. It usually occurs when the current homeowners can no longer afford the mortgage payments on their property and the lender decides that selling the property at a loss is better than the alternative of a foreclosure.
Losing your home to foreclosure could seem like a devastating experience. However, mortgage challenges happen to a lot of people sometimes its due to a job loss, serious illness, a major accident, or divorce. Sometimes people decide to pursue a short sale if they have been denied for a mortgage modification, are still having trouble making their mortgage payments, or if their home is worth less than the amount of the mortgage.
What happens in a short sale is that the lender lets you sell the home for LESS than the amount of the mortgage. Although it sounds like the perfect way out of a tough financial spot, your decision to enter into a short sale transaction should not be made lightly. Its a serious situation, and requires a lot of work by you, and by the buyer of your home, as well as the realtors and other parties involved in the transaction. Also, the approval to execute the short sale must come from both the first lien holder, and any second lien holder as well.
So, its important to remember that the short sale is not a fast process, but its one that can be accomplished if you begin the short sale with the lender early on, when you are first trying to sell the home.
But if you can accomplish a short sale, there are substantial advantages to you rather than simply letting your home be foreclosed on. These benefits of a short sale include:
- You retain more control of the process and the timing of the sale of the house
- The long term financial impacts are reduced
- You can receive short term financial benefits as well
The government has recently created a series of benefits and a new process for streamlined short sales that may help you. You are encouraged to understand how this process works as you explore your options.
This free sample "Short Sale" video available from flsvideo.com