Last week, I broke the good news about the federal government extending this act through 2013. All homeowners who are in trouble can now sleep at night knowing that they can avoid foreclosure.
With the extension of this law, banks are now indicating that this may be their preferred method of dealing with behind homeowners in 2013. We saw a record number of short sales in 2012 and that trend should continue in 2013.
Who to call?
It is important that you have a real estate agent who is well versed in the short sale process. An inexperienced agent can be detrimental to your sale and may even delay it to the point where a homeowner gets foreclosed on.
Agents, like myself, that are a CDPE, or Certified Distressed Property Expert, are your best defense against being foreclosed on. We have the experience of having closed many short sales and have access to the latest information that will ensure smooth sailing.
A hardship letter is required. This basically states why you are or will be falling behind on your mortgage. In order to short sale, you have to prove a financial hardship. Those include loss of job or relocating a significant (several hours) distance from your current home. This is step one. Find out next week what the remaining steps are.
Contact me at 404-483-7816 for a free consultation. I will help you determine whether a short sale is right for you.