Services Starting Point Home Solutions can provide:
- We will discuss your situation and explain all of your options with you in detail. A short sale is NOT the best option in every case.
- We will provide you with all of the forms and documentation that are required from your lender in order to process a short sale.
- SPHS will work directly with your lender to negotiate the short sale, as well as do all of the processing involved!
- Divorce Sales
- If required, we can sometimes also offer tips and suggestions to delay the foreclosure process while working with your lender, and possibly keep you in your home longer.
- We will work to get your home sold and get you forgiven of your debt and the loan deficiency! This will keep the lender from being able to come after your other assets.
- We service anywhere in the United States, our network is nationwide!
What is a Short Sale?
A short sale in real estate occurs when a lender agrees to accept a discounted payoff on a loan. In most cases, the home owner owes more on the property than the the home is currently worth. This occurs only when a home seller qualifies for a short sale through proving a hardship. Fill out our short form for a quick home evaluation.
A foreclosure can impact your credit far more than a short sale, especially in the long term. In fact, some banks don’t report a short sale. In addition, in the event of a foreclosure, in many states the lender will seek a deficiency judgment in the amount you owe. They could even come after other properties and assets of yours, including vehicles. Your credit could recover from a short sale in less than two years, whereas a foreclosure or bankruptcy can take 7-10 years. A short sale by itself will likely lower your credit score by about 50-120 points. The hardest hit to your credit score typically comes from missed mortgage payments rather than the actual short sale itself.
As part of the Making Home Affordable Plan, and specifically the new Home Affordable Foreclosure Alternatives (HAFA) initiative recently announced November 30, 2009, qualified home owners can get $3,000 BACK from a short sale to use towards relocation expenses! Some lenders are offering even more!
Click here to contact Starting Point Home Solutions or call toll free at (636) 573-1500 for a consultation.