Short Sale (Real Estate) Info that can be very useful

[MVR 155]

In light of the bad real estate market and slumping economy I figured I would throw this out here. Im acutally working with a client from another message board who is looking to purchase a property that is a short sale which made me think to post this.

A short sale is a great alternative to a forclosure if someone is getting behind on their mortgage. Short sale is not for everybody but here is some info that can/will be helpful should anyone here or anyone they know be getting into this position.

First off... if you are in an equity position to the point where you can sell your house and profit or break even that is your absolute best scenario for saving your credit should you get into the position where you feel you may fall behind to the point you cant catch up on the payments, if you do start to slip behind communication with your mortgage company up front is also very smart, they will definately try to work with you and this can buy you some substantial time.

If you are mortgaged to the point where you would/will be in an upside down position and/or late on payments..... this is where a short sale can be a very good option. Most (if not all) bank/lenders will be willing to negotiate a short payoff on your mortgage (accept a payoff of less than you owe). It is much more favorable to have it on your credit report vs. a forclosure. The banks will usually do this since it is beneficial for them to negotiate a short payoff rather than go through the entire forclosure process which ends up being costly for them on many levels.

I figured I would put this out there since there are alot of people getting into bad situations with the economy and the housing market. Most people have no idea at all about this option. I have handled quite a few of these types of situations/transactions and if anyone here would like more info or have any questions please feel free to contact me via PM or email at m.kennedy75@comcast.net
Obviously anything disucussed between myself and anyone here would be kept in strict confidence.

I have handled these in Illinois, Im not sure what the laws are in other states (there may be some different rules) so I would suggest consulting a lawyer that handles real estate in your area for final conclusion..... I still would be more than happy to give anyone the info I have to get them better informed.

I hope some can/will find this information to be useful

Mike

Mods: this is not an attempt to drum up business but rather me just giving some info as a favor to fellow members that may just save someone from forclosure so I ask you please dont delete this. My contact info is on there for the simple fact of privacy for someone who doesnt want a potentially embarassing situation made public by discussing it in a open thread.......thank you