• How do short sales work?
  

All of us living in current day America have heard the term ‘Short Sales’. Question is; what is a short sale and how is it a better choice than foreclosure? In a nut shell, short sales are an alternative and more favorable way of dealing with overdue mortgage payments in times of financial hardships such as what the whole nation is witnessing currently.

If you are a home owner the only reason why you would opt for a short sale would be if you had a foreclosure approaching fast and you wanted to avoid that. Of course the best way of doing that would be by applying for a loan modification but there are many people who fail to qualify for the program and end up having to lose their homes to foreclosure. A short sale program gives greater flexibility to home owners for making an offer for negotiation to lien holders. The company usually agrees to a payoff that is less than the actual amount that is owed to it by the home owner. A short sale is a better option than foreclosure when there is no hope of getting approved for a loan modification.

A short sale offers several advantages to home owners on the grounds that; • It helps in keeping the credit score from sinking too low as with foreclosure where your score may suffer by as much as 250 points. • You can avoid a lengthy and potentially embarrassing foreclosure process. • Fannie Mae allows you to buy another house within 2 years of a short sale. • Also, if your credit is not overdue by 60+ days you are eligible for buying a house right away thanks to Fannie Mae.

The first thing you need to know in learning how to approach a pre foreclosure short sale is how to write a hardship letter that would appeal to the sympathy of the reader which in this case would be the lenders. An effective hardship letter can be a tricky business especially when you are stressed out due to your financial situation. Many a time people seek help and can’t think beyond expensive real estate lawyers which most of the time they can’t afford. This is where we can help you.

Our real estate firm offers you the best deals available to make sure you don’t have to lose your house to a foreclosure. If you do not qualify for a loan modification then our expert staff puts all its energy and efforts into attaining a successful short sale for you. And yes, we offer the service free of cost to all our clients!

We don’t just list properties we sell them and assist our clients in every aspect of buying their dream home, shop, office, farm, or plot of land.

Divine Help, LLC
134 Revine Ave
Yonkers, NY 10583
917-714-9539