Short Sale? Don't Trust Listing and Selling Your Home with Just Anyone!

Read this before you have an attorney or just any Realtor list & process your short sale. See why Keller Williams Realty Lancaster teamed-up with Significa Corp is your best option for avoiding foreclosure & selling your home. Why would you go anywhere else? 

• Significa has 7 years’ experience in successfully closing short sales. 
• We specialize in processing short sales. It is our full time business. 
• We provide attorney services included in our short sale program at no cost to the homeowners.
• We have a staff of 18 dedicated and trained people servicing the customer.
• We successfully close 90% of our short sale transactions.
• We have documented systems and manuals in place for the short sale process.
• We offer personalized service and weekly updates to all parties in the transaction.
• We have a detailed S.O.P. (Standard Operating Procedures) and accountability for all of our roles in our short sale process.
• We offer a training program with certification and we are considered the leaders in our industry. We also offer a Continuing Education Course for agents.
• We use leading technology to process our short sales.
• We have extensive relationships with most lenders in the country and are able to escalate a file immediately We can by-pass the bureaucratic channels when necessary.
• We have processed and closed over 300 short sales.

Short Sales - helping you avoid foreclosure... it's what we do...it's all we do... Significa Corp. - Contact me today to learn more and see how our team of professionals can help you!

Will My Bank Allow Me to do a Short Sale If I’m Current on My Mortgage Payments?

This is one of the questions I get asked most frequently. Here is the answer.

Not all short sales involve sellers who are delinquent on their mortgage. Some banks will consider a short sale for a person who is current on their mortgage if there is a legitimate hardship and a documented decline in property values.

Some banks have a policy whereby they will only consider a short sale if the borrower is behind on their payments. This policy can be viewed as absurd, especially if property values have dropped dramatically in the area. On the other hand, why would a creditor want to consider taking less money when someone keeps paying them per their original loan agreement?

A technique used by some people who want to minimize their damage to their credit while also having a short sale approved is to deliberately pay their mortgage late, but no more than 29 days late. When a bank receives their mortgage payment 30 or more days late, they inform the credit bureaus. For someone who is looking to borrow money, especially via a mortgage loan, in the next two years, a single instance of being 30 days late can prevent them from obtaining the loan they desire.

A person could choose to not pay their mortgage on time, which after a few days (typically the 6th of the month or later) causes the bank to treat the loan differently than if it were paid on time. The bank may send the file to their loss mitigation department once the loan is delinquent. The bank will call the borrower, and may send mail, offering options and assistance. One of the options may be a short sale.

Of course, the technique to prevent a 30-day report to the credit bureaus involves the borrower paying their mortgage plus the late fee just before the end of the month. That way the loan never goes 30 days behind, but the bank starts offering options to the borrower. That action may trigger the bank to consider a short sale or loan modification.

Some banks unfortunately have the policy whereby the borrower must be at least three months behind before they’ll consider a short sale. If that’s the case, then the homeowner must make a decision whether they should stop paying the mortgage. In some cases, it may be the best option for a person to stop paying the mortgage. That is a decision that should be made only after consulting various professionals, such as an attorney, and weighing the pros and cons.

The first thing one should do is call their bank to express difficulty in paying the mortgage or selling the house. Many banks will mail a short sale package to the borrower if asked. Some banks will reveal their precise policy on how to qualify for a short sale, while other banks will provide nebulous answers.

If you are considering a Short Sale, contact me and let our team of professionals assist. We are here to help you and help keep you out of foreclosure!