Important Short Sale Information:
Chances are, you or someone you know in Minnesota or western Wisconsin is facing the possibility of foreclosure. But you need to understand that you are not alone.
Today, nearly 1 out of every 6 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.
Through my experience handling distressed properties at Keller Williams, I've found that homeowners today have more questions than answers about their circumstances. I have created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.
You may also have noticed that I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision.
Jason Gorman Real Estate Team works closely with Markve and Zweifel Law Firm to assure that the marketing of the property and short sale negotiations are handled in the most professional and knowledgeable manner possible.
Once we obtain a purchase agreement on the property, the attorneys at Markve and Zweifel will use their experience to represent your best interests while negotiating the most favorable outcome possible with your lender(s) as well as arrange for successful closing of the transaction.
How do I know if I am eligible fo a short sale?
Your short sale eligibility is based on a number of determining factors including, but not limited to your reason for having to sell, your financial situation, and your specific lender’s requirements. Your eligibility for potential short sale approval will be analyzed during your consultation.
Do I have any costs in doing a short sale?
Your lender will typically pay all reasonable real estate commissions, title services and settlement fees, attorney negotiation fees, as well as real estate taxes due at the time of closing. A seller commonly has only the cost of minor recording fees, water bills, or other small costs necessary to clear the title. It is also common for a seller to have zero expenses in a short sale closing.
What are my alternatives to short sale?
A short sale may be your best option for curing your current mortgage problems. However, the alternatives available to you depend on your most important needs and goals as well as your financial situation. Alternatives to short sale are limited if you are in serious default and have an inability to bring the mortgage current. A loan modification reducing your monthly payment may allow you to stay in your home. In some loan modifications, missed payments are added to the principal balance. If you are in serious default and have an inability to make up the missed payments, then the only option to short sale is likely losing the property to foreclosure or pursuing a “deed in lieu of foreclosure” with your lender. Other alternatives available are to stay in the home if you are able to become current and stay current on mortgage payments, rent the property in hopes the rents obtained will cover the mortgage payment, or sell the property and bring enough cash to closing to cover the mortgage debt(s).
I have heard that lenders usually require that a short sale seller prove the have a "hardship". What does that mean?
A hardship defined by most lenders is the term for a financial situation that the seller has found themselves in that either forces the sale of the “underwater” property or has caused the seller to be unable to continue to make the mortgage payments. Lender’s list of acceptable hardship reasons include, but are not limited to: job loss, income loss, excessive credit card debt, medical bills, divorce, job transfer, death of a wage earner, mortgage payments increasing due to adjustable rates, etc.
How do you get started? Call 763-450-1639 today to schedule your no charge consultation with a short sale attorney at Markve and Zweifel Law Firm. Complete the Pre-Consultation Questionnaire (click here) and email to [email protected] or fax to 763-447-6458 in advance of your consultation.
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