Avoiding Foreclosure


Keller Williams Legacy One Realty- Sara Pichelmann 



What is a Short Sale ?
List and Sell your home, the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale .

Short Sale Is almost always better then… Deed In Lieu of Foreclosure Foreclosure Bankruptcy Do nothing and walk away

Today’s Market 1 out of 10 of the 52 million homeowners are past due, in default and in some level of foreclosure Experts forecast 1.8 million homes will be foreclosed on this year and over 8 million over the next 4 years, through 2013 ?
Basic Eligibility Criteria 1-4 units Existing Loans $729,750 or less Loan prior to January 1, 2009 Be Prepared Q & A What happened to make you miss your mortgage payment (s)?

Have you tried to resolve the problem with your lender? 
What other financial issues may be stopping you from getting back on track with your mortgage? What would you like to see happen?

Benefits of Short Sale Satisfies debt for less than the full amount Avoids foreclosure on credit May avoid deficiency judgment May limit tax liability to IRS
Qualification Requirement
1. Hardship  2. Death in family 3. Job loss 4. Separation, Divorce 5. Reduction in wages 6. Long or short term disability 7. Do not qualify for Loan Modification
Issues that could compromise Short Sale Liens against property Delinquent HOA dues Seller Cooperation Bankruptcy

Why Short Sales Fail Incomplete short-sale package Inexperienced listing agent Cont’d No hardship Junior Liens Lender will not agree to short sale .

Owner Responsibilities Pay HOA Fees Maintain home Satisfy liens on home if any other then mortgage

Beware of "Rescue Offers" There are companies that appear reputable but are not ! Scams can create even deeper problems for you Remember Only you mortgage servicer can approve a workout plan Recommendations Consult with your………… Lawyer – Legal Advice Accountant - Tax Advice

Stay informed Know your legal rights and obligations 

As Realtors we can tell you market value Market and Sell your home Assist you in weighing your options Our goal is to see you do what is best for you and your family cont’d We negotiate our fees with the lender We maintain your confidentiality You maintain your integrity

Keller Williams Legacy One SHORT SALE, REO & G.R.I. CERTIFIED
There are banks and programs that do give borrows money to short sale.
Short Sale Experience that counts!  

Your Realtor Resource Thank You for reading for a private discussion contact Sara Pichelmann 480-495-4175 spichelmann@aol.com
Sara Pichelmann
Phone: 480-495-4175
Mobile: 480-495-4175
Pager: 480-495-4175
Fax: 888-689-5646