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Building Relationships One Hope At A Time
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Short Sale
If you or someone you know cannot reasonably make mortgage payments, foreclosure may not have to be the answer.
A short Sale is may be an option to help prevent a home owner's credit from further deteriorating. In a short sale,
the lender enables the home owner to sell the home at fair market value and pay off the loan for less than the amount
owed on the loan. There are restrictions associated with this option including not selling the home to family or friends,
and tax implications that the home owner should discuss with an accountant. When a short sale is completed, it is reflected
as "paid in full for less than full balance" on the home owners credit reports.
In some areas of our nation, property values have declined to a point where the value of the home is less than the amount
the home owner owes on the loan. In these "upside down" situations, who are having difficulty making their
mortgage payments, may find a short sale to be the solution to their financial challenges.
Short Sale Timeline Estimate
Short sales can be a worthwhile option for some home owners, but they do take time to complete. This complicated
transaction requires paperwork from the home owner, home valuations, approval from the mortgage servicer and morgage
insurer if applicable. AEC Properties has the tools and the experience get these approvals in a timely manner. Good
communication with the home owners mortgage provider is necessary to ensure that you are on top of developments in the process.
Finally, circumstances in the market are changing quickly and a short sale offer may only be good for 30 days. If the loan closing doesn't
occur within this timeframe, the entire short sale package may need to be resubmitted or the approval process may need to start over.
Getting Started
If you or someone you know are having trouble making mortgage payments and know that foreclosure is just ahead, give us a call to see if
a short sale is a possibility. We will gladly meet with you to discuss your options. We understand the situation and making that phone call may not
be an easy one, but it is very important to do everything possible keep a home owner from having a forclosure on his or her credit reports.
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