Hi, we’re here to help you. We want you to know that you do have options to Foreclosure. A Short Sale may be the answer for you if you’re underwater on your mortgage and can’t afford the house any longer, or can see the writing on the wall and realize that your going to spend your savings trying to make the house payments!
Some things you need to know about a Short Sale:
- You do not pay Realtor commissions, your lender pays all those costs.
- If you’re behind on property taxes, Kris & Kim can probably get your lender to pay them.
- HOA payments behind? Kris & Kim can usually negotiate a lower payoff to these late payments, and Kris & Kim will negotiate with your lender to pay the back payments owed to the Home Owners Association.
- If you have a Home Equity Line of Credit (HELOC) or a second lien on the home, when you successfully complete a short sale this debt is eliminated and the lender cannot pursue you for the balance. In other words, there is No Recourse.
- If you choose to foreclose, the second lien holder or HELOC can pursue you for the full amount owed.
- If you have filed a Chapter 7 bankruptcy you may still want to consider a short sale. The home does not need to go to foreclosure. A Short Sale will help you regain your credit much faster and allow you to repurchase a home in as little as 24 months.
- If you have an HOA and file Chapter 7 Bankruptcy, be aware that your HOA dues that are past due are going to be eliminated in the Bankruptcy (Pre-Petition). However, your HOA dues will continue to accrue and be payable each month after the bankruptcy filing date until the home is short sold and out of your name.
It’s a lot to take in, we know! Give us a call and we can talk about your scenario. We have provided an easy to fill out form below that will help us understand your personal situation. You can reach us at 323-999-1822