To assist Alexandria VA area homeowners who are having difficulty making mortgage payments, I've received extensive training and have added another service to help. In the midst of all of the talk about foreclosures, you may not be aware that if a homeowner has fallen behind on their mortgage payments, they may be able to take advantage of a short sale.
A short sale is an agreement where the bank gives permission to the home owner to sell the home for less that the total mortgage balance owed on the home.
To qualify for a short sale, you must first be able to prove that you are facing a financial hardship and are unable to make your mortgage payments. Some examples may include a recent job loss, unexpected medical bills, divorce, or an adjustable rate mortgage whose interest rate has recently changed, making your home no longer affordable.
It's important to remember that each bank is different, and each bank has its own separate set of procedures to determine if a homeowner can qualify for a short sale (final approval is granted by the bank, not the listing agent or broker). If there is more than one mortgage on the home, then the short sale will have to be approved by each lien holder. The home can be sold for market value, or a little below, and the bank can either forgive the outstanding debt, or work out a separate payment arrangement. The homeowner benefits from a short sale by avoiding a foreclosure on his/her credit report.
Due to the number of inquiries, I have created a new website for you to share, or visit if you need more information: www.SaveMyNovaHome.com.
While foreclosure homes are traditionally a 'good deal' for would-be home buyers, they can be very costly for banks, and banks do not want to be in the property management business, they want to be in the loan business.
A short sale can be an alternative that proves to be a win-win. The bank can avoid the costs it would incur to go through the foreclosure proceedings, including taking over taxes and utilities, and the financially strapped homeowner can protect his/her credit rating.
We will also assist homeowners who qualify for a short sale and have bank approval with finding another home. Many homeowners are able to purchase a new home right after a short sale, however in some cases, renting may be better to allow credit scores to improve and cash reserves to be rebuilt.