Housing Angels - Short Sale Specialists Action for Autism

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Serving PHOENIX, AZ and LAS VEGAS, NV and the surrounding areas

What is a Short Sale

A short sale occurs when the proceeds of a real estate sale fall short of the mortgage balance owed on the property. To facilitate a short sale, the lender agrees to discount an outstanding loan balance, usually due to an economic or financial hardship on the part of the mortgagor to allow a sale to occur. Negotiations are usually accomplished through communication with a bank's loss-mitigation department. The borrower sells the mortgaged property for less than the outstanding balance of the loan, and gives the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the mortgage debt. The lender must approve a proposed sale in advance for the sale to occur.

Circumstances influence the lender’s decisions to discount a loan balance. These circumstances could include the current real estate market climate and the individual borrower's financial situation.

A short sale typically is executed to prevent a foreclosure. Often, a bank will agree to a short sale if they believe that it will result in a smaller financial loss than going through the lengthy and expensive foreclosure process. For the home owner, the advantages include the opportunity to salvage some of their credit standing by avoiding a foreclosure on their credit history and at least partial control of the monetary deficiency.

 
Bought
Back
Owed $350,000 Investor paid $170,000 Payment went from $3,200 to $1,850
Bought
Back
Owed $420,000 Investor paid $175,000 Payment went from $$2,700 to $1,850
Saved Owed $188,000 Investor Paid $67,900 Payment went from $1,400 to $747
Saved Owed $2,000,000 Investor paid $685,000 Payment went from $12,000 to $5,000.
Saved Great golf course community
Saved Owed $200,000 Investor paid $85,000 Payment went from $2,000 to $935
Saved Owed $265,000 Investor paid $75,000 Payments went from $$2,135 to $945