Short Sale Success System 

SHORT SALE DEFINED

A short sale is when you sell your home for an amount short of what you owe on your mortgage. The remainder left may be forgiven in some cases. This is our goal for you in pursuing a short sale. In this case you do not pay the broker commissions, your lender will. This process involves a negotiatior who will deal with your lender on your behalf so you can remove yourself from the stress and use your energy to plan your future.
A message from Peter Badgett
TIMELINE TO FORECLOSURE
Depending upon your lender, typically once you get a “Notice of Trustee Sale Recorded” you have only 90-120 days before the home goes to auction.
MISTAKES TO AVOID
1. Do Nothing:
The home eventually goes to a trustee sale and the non-foreclosing junior lien holder can come back later to take you to court for the difference.

2. Call An Inexperienced Agent:
Many agents, based upon one class, call themselves “certified short sales specialists” but don’t have experienced negotiators to push your file through with your lender for results.

3. Avoid Calling for Fear of The Cost:
The commission we receive from the short sale of your home comes out of your lender’s pocket—not yours!

4. Wait for the Market to Improve:
After lender fees, attorney fees, late charges and other surprise bills life can bring, most people are hard pressed to endure in a unpredictable market.
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FACING HARD TIMES? COMPARE YOUR OPTIONS.

Foreclosure
You are more vulnerable to a deficiency judgment: owing debt on the unpaid balance of your home loan. You are unable to buy another home for 5-7 years. In the end you have no home, poor credit and many bills. Not a good way to start over.
Loan Modification
If you have received notice of foreclosure from a trustee, most likely your bank has already determined you do not qualify for a loan modification. However, they may lead you on in order to get more mortgage payments out of you to only end the modification process months down the road.
Forebearance
85% of homeowners are not able to make their second payment while on a forebearance plan. On such a plan, the payments are higher because of past due payments. Many people get in trouble here by using up all their retirement and borrowing from friends and family just to make their payments.
Refinance
Unless you have about 30% equity in your home and still have a job, you most likely will not qualify for a refinance.
Short Sale
In a successful short sale you may walk away owing no debt for your mortgage, are eligible to purchase a home within 2 years or less, help save your credit and have been able to save money in order to focus on your future. Take action to find a buyer so the bank has to deal with the hard numbers the buyer presents with an offer and allow the negotiator to deal directly with the bank. You don't have to deal with them directly any more. In fact, your negotiator can send a notice whereby your lender can no longer call you.
What Will I Owe In A Short Sale?
Through our system, the buyer pays the negotiator's fee and the lender pays the broker commissions. If the short sale does not go through, the negotiator and brokers do not get paid. We only use negotiatiors from local law firms who are highly qualified to handle your file. In the case your lender refuses to remove any judgement against you for the amount you owe (the difference between what the buyer brings and what you owe) then the negotiator works with the lender to provide a reduced amount or a promissory note you can pay over time. However, the goal is to have you walk away with no mortgage debt or judgments against you. We have credit repair and debt settlement contacts who can also help you with other finance issues as well.  

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