short sale foreclosure

Mortgage & Financial Referral Services

Short Sale -Sell Your Home And Avoid Foreclosure

WHEN YOUR PROPERTY IS WORTH LESS THAN YOUR MORTGAGE, AND YOU WISH TO SELL (PRIOR TO FORECLOSURE OR ABANDONMENT)

What should you do, in the event that your real estate has lost significant value, and is now worth less than the mortgage? Are you currently making monthly payments toward a mortgage based on an assessed value for your real estate that is now unrealistically high? If you cannot refinance, or for whatever reason wish not to, there is the option of the ‘short sale.'

*SHORT SALES MAY STILL BE A VIABLE ALTERNATIVE EVEN WHEN FORECLOSURE PROCEEDINGS HAVE BEGUN* Even with only one week remaining before a property auction, you still may have enough time!

Even if your credit has steadily declined since obtaining your mortgage, a short sale will most often still be available to you as a viable option to prevent your own personal full blown financial meltdown, including foreclosure.

A short sale, coordinated by our partners' on-staff negotiators, will allow you to legally escape a mortgage, without destroying your credit by lender foreclosure, as you would when simply ‘walking away' from a mortgage, as so many uninformed homeowners are now choosing to do. A short sale is sometimes the ONLY good option, though not well-known.

Simply defined, a short sale is the term used in the following scenario:

In the event that the mortgagor experiences undue financial hardship, such as ridiculously high monthly payments based on a now-overvalued mortgage, a bank or other mortgage lender will often allow the property to be sold for less than the outstanding balance on the loan.

The lender will agree to accept the sale as their own loss, and you will be free of having to ever make another payment on your mortgage! They take the loss, and not you!

The remainder of the debt on your mortgage will legally be considered satisfied. You will be free, and without further ruining your credit. ‘Walking away' from a legal obligation to pay your mortgage is not the intelligent choice, while a short sale clearly is.

Why then do people default on their mortgages (‘walk away from debt') when short sales are a viable and legal option? Without a doubt, the answer is that the short sale is not well known or understood.

People just don't know, and don't realize that it ISN'T too good to be true! Having a foreclosure on your credit history is definitely not a good thing, so why do it? A short sale is considered a settlement, and a settlement is better than a default 100% of the time.

With Gold Eagle's Partners' industry contacts, our associates deal with banks and lenders, communicating and negotiating daily with numerous Loss Mitigation departments about clients' short sales in progress. It may take a great deal of time and attention to get approval for a sale at a good price.

Gold Eagle Mortgage & Financial Network Referral Services(tm) is a referral service ONLY

Our partners are full service mortgage brokers registered with the NY State Banking Department

All Loans Arranged Through Third Party Providers

Please CLICK HERE to send an e-mail, or call 917 404 0088 for more information, or to book a free consultation.

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UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:

Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling; or

:Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.

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* On the basis of race, color, national origin, religion, sex, marital status, or age;

* Because income is from public assistance; or

* Because a right has been exercised under the Consumer Credit Protection Act

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