Foreclosure Avoidance & Short Sales Explained
What is a Short Sale?
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here’s a more official definition:
- A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
How Marcia Todd Can Help
Chances are you or someone you know in the Marietta (Metro Atlanta) area, is facing the possibility of foreclosure. But you need to understand that you are not alone.
Today, 1 out of every 6 homeowners in America is behind on their mortgage payments. These really are tough and worrisome times. Now more than ever, it’s important to identify all your alternatives. Foreclosure can be avoided, your credit can be saved, and your financial outlook can be rescued.
Through my experience handling distressed properties at Atlanta Communities, I’ve found that homeowners today have more questions than answers about their situation. I am here to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.
As an agent with the SFR (Short Sales & Foreclosures Resource) as well as the CDPE® Designation, (Certified Distressed Properties Expert) I have a strong and distinctive appreciation of the factors affecting the market, and know that there are options available to you.
- Get scammed by anyone wanting you to pay an upfront fee!
- Sign your deed over to anyone!
- Get educated about your options!
- Know the difference between short sale and foreclosure!
- CONTACT ME with short sale questions or to get help with stopping your foreclosure. I am a real estate professional with short sale success. I’m experienced and committed to helping your situation!
Need help or advice? Contact me and I will guide you through the Short Sale process.
Marcia Castellaw Todd
3113 Roswell Road Suite 101
Marietta GA 30062
Phone: (678) 409-7704
Fax: (770) 240-5401
Cell: (678) 409-7704