Homeowner, if you are behind in mortgage payments, you owe more than your home is worth, you have no other resources available to make up back payments, and you can't sell because you have no money to make up the closing costs shortfall... What should you do?
You do have some options:
1. Do nothing!...(not the best choice)...There will eventually be a foreclosure auction, and you will be evicted, and you have a credit destroying foreclosure that will follow you for many years.
2. Continue to stay in your property, stretching the time until the foreclosure auction with multiple Bankruptcy filings, until they eventually evict you, again with resulting credit damage.
3. List the property at a price high enough to pay all your delinquencies, liens, and closing costs hoping that some buyer will pay your price. The buyer never comes and you are left with foreclosure and sometimes Bankruptcy, again you eventually get evicted, and even more damage to your credit.
4. List the property as a short sale with an agent that does not understand the complexities of a short sale... hope for a buyer who will have the patience to wait out the extended process of negotiations with the lien holders, who won't get discouraged and walk away in the middle of the process.. Also, if either the agent or negotiator who are not adequately trained in short sales make fundamental mistakes, it can result in ongoing failed contracts and/or subsequent foreclosure for you, or you could get the short sale approved but with ongoing liabilities in deficiencies and promissory notes far beyond the short sale closing.
5. List the property as a short sale and work with a knowledgeable and competent investment company who is seeking to buy your property. (BEST CHOICE). The investment company will sometimes keep the property, or more often will look to re-sell it. The investment company will assume the responsiblity of negotiating the short sale by using skilled and experienced negotiators to help move the process along, and when an agreement is reached with the lenders and lien holders, your house is sold and you will have an agreed settlement with the lenders instead of a credit destroying foreclosure.
Remember, if you have no equity in your home, and it sells for less than what is owed, the lender will not allow you to receive any monies from the short sale proceeds, regardless of the selling price. Therefore, your priority in selling is to AVOID FORECLOSURE, and you do that by getting an agreed short sale settlement at any price agreeable to the lender(s), not by holding out for the highest price you may be able to get for your property.
Please refer to the home page and our other site pages for a more detailed explanation of our win-win-win process for you and all involved parties.
IISS is an investment company that buys and sells short sales, and accelerates the short sale process !
If you are thinking of listing your property as a short sale, contact us. If you already have your property listed as a short sale and you can't get a buyer, ask you real estate agent to contact us.
Remember, the foreclosure clock is ticking!
* Please note....we are not attorneys, CPA's, financial or loan modification consultants, and are not offering financial or legal advise. You should contact an attorney or CPA for professional advise and consultation.
