Hi, my name is Shaun Jones, I may have met you at your door and mentioned the "Pending Problem" with your property. The following information is to give you a quick look at how I have been able to help other home owners just like you. Read the information below to learn more about a possible short sale for your property:Definition:
- A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Examples:
- If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full.
- Are you behind in payments and can not get caught up? Is your home not selling fast enough in todays' market? Is there no room to lower the price to a point where the home will sell fast? If so you definitely need a short sale.
- This process saves you from foreclosure and or bankruptcy and relieves you from your current mortgage payments.
- IRS can 1099 you on the difference between what you owed and what the bank accepted as payment in full. So you may pay tax on that amount.
- ***Difficiency Judgement: This is where the mortgage company files a judgment against you for the difference between what you owed and what they accepted.
- ***With a short sale we always get the bank to wave the deficiency judgment when they accept the short sale. It is in writing, so they can never come back to collect the deficiency.
- Two reasons:
- You are my main focus, You have tried everything you can to keep making timely payments, due to a hardship you are no longer able to afford your home and it won't sell for what you owe. I want to help you out and salvage your credit and ability to buy a home in the future.
- I will buy your home and immediately resell it for a profit. I make the difference between what the bank accepts as a short sale and what I sell it for.
The bank does not allow the homeowner to make any money from a short sale. Its very possible the money you would have made from a traditional sale has been accessed through lines of credit or cash out refinancing. So in essence you may have already been able to use the equity in your home and now need a way out.
What do I (home owner) have to do to get the short sale done?
- Sign an "authorization to release" form:This allows me to contact your mortgage holder and begin the short sale process.
- Sign an option to purchase contract between you and me. You can cancel at any time.
I do all the work. I do require you to follow directions and be available to complete a short sales packet from your lender.
What is a short sale package?
- A purchase and sale agreement needs to be included in the packet, showing that the homeowner does indeed want to sell the home.
- A hardship letter from the borrower stating the reasons they can no longer afford the home
- A borrower’s financial information form is also needed. This shows the lender a snapshot of the borrower’s finances. The borrower has to indicate exactly how much money he is making each month after taxes, and then compare it to his monthly expenses. Monthly expenses not only include his mortgage and taxes, but all of his bills, utilities, transport costs, groceries, and anything else he spends his monthly income on.
- The homeowner will also have to compile two consecutive monthly bank statements, pay stubs, and their two most recent tax returns.
These lenders will discount these mortgages deeply do to the fact that they may receive nothing from a sale at a the auction.
Can the Home owner do a short sale by themselves?
No, the bank will not negotiate with the home owner.
Please rate your readiness to get started as a one, two or three
- One: Thanks but no thanks I can fix this myself.
- Two: I need to talk to you and get more information
- Cell # 406-860-0741
- email: mtshortsales@gmail.com
- Three: Lets get started.
No comments:
Post a Comment