You have just received a notice from the lender and do not know where to turn to and how to get help. This is probably one of the worse feelings someone today can experience- especially during the Christmas holidays or right after the first of the year.
Once you have received the notice in Texas it must be 21 days prior to the foreclosure and the lender or bank only does the trustee sale on the first Tuesday of the month. So at this time if you have received a letter in the last few days you will have till the first Tuesday in February. There is time and of course how to take the right actions to save your credit and get your home sold. There are over 1 million real estate agents in the United States and only 17,000 qualified CDPE Certified Distressed Property Experts that can help you through the process of a short sale.
A short sale will enable you to pay your mortgage in full and save your credit even though you owe more on the home. The lenders have been instructed that your real estate agent is to be paid the full commission. So you don’t have to go alone- it is best to use a Short Sale Specialist and look for the CDPE Designation.
There is a process with doing a short sale and your real estate agent needs to be involved from the beginning. There is paperwork that must be completed to expedite and make it successful. Often times FSBO For Sale By Owners try to sell their home thinking they cannot afford a Realtor being upside down. This is far from the truth.
The Expired’s in the MLS Austin Muliple Listing Service will be a property that should of sold as a short sale as well. The seller will always try to add the realtors commission to the loan balance and think this is what the home has to sell for. This formula does not come into play with a buyer. The sales price is all market driven and nothing else. A competent Realtor that knows short sales and the process can help guide through this process and explain the how to’s.
The number of short sales and foreclosures will more than expand with over 800,000 homes in a loan modification and those that have the adjustable ARM’s due to start changing. This will have a big impact in 2010. FHA loans have about 19% default rate currently as well.
If you know of someone that is facing a hardship in meeting the mortgage payment and would benefit from a short sale- give me a call. I have been doing short sales since 1989 and certified CDPE.
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