There are many people who are in this type of situation. They are trying to unload their own properties without losing too much. Before the recession, the housing market bubble was expanding incredible fast. Therefore, many thought it was inevitable to burst. When it burst, many homeowners where left with properties worth a good deal less than the mortgage loan. Fortunately, there are various solutions one can use. Short sales are an option that every homeowner should consider. There are various requirements that must be met before you can use the short sales solution.

The first requirement is to check the value of the property. Make sure the value is below the amount of the mortgage loan. Afterwards, the homeowner must prove that he/she is having difficulty making the payments. The homeowner must then get an approval from the lender, because the lender will be the one that will most likely lose out on this type of sale. The reason why a lender will accept this solution is that it is generally a good deal cheaper compared to foreclosure costs. Therefore, the mortgage lender or bank will most likely agree to this option. Usually, the lender will want to negotiate to split the losses. In addition, in order for the lenders to approve short sales, special documentations must be finished and presented. This process tends to be complicated. Therefore, you may want to consider hiring a South Florida real estate agent to aid you in the entire procedure. These real estate agents are experts in this field, and can help you iron out any related problems. They will also walk you through the procedure and show you which options are available to you, and which options are probably the best for you.

The only positive news is that these numbers have decreased since 2010. Harris Interactive states that it is too early to see if these numbers might be showing a positive trend in the housing market and economy. Foreclosure might be one reason that these numbers were lower in 2011 than 2010 . Harris Interactive did a similar study that supported the data in this poll, leading them to think that we are on the path of a slow economic recovery.

This poll also found that around 21% of homeowners are concerned as to whether or not their house is worth less than what is owed on their mortgage, also known as being underwater in their mortgage. Since the downward spiraling of the economy, more and more homeowners have found that their mortgages far exceed the current value of their homes. This can be quite surprising news for many homeowners who bought their homes when the housing market was in a boom.

Disturbingly, the Harris poll also found that the number of mortgages are on the decline. In 2011, 66% of adults had a mortgage, down from 69% in 2010. These numbers show us that Americans are losing their homes, and not only that, there aren’t enough new mortgages to make up for the ones that are being lost.

The possibility of error was not calculated in this poll in which 3,171 adults participated in. All of the adults polled did so at their own free will. The participants were not awarded with incentives or payment for completing the poll. These facts add to the credibility of the respondents’ answers.

There are a lot of individuals who are doing their best to fix their mortgage situation without losing all of their remaining funds. Otherwise, their credit rating will suffer and that will lead to even more problems in the future. A popular course of action is to get involved in short sales. Not everyone may qualify for this solution, though. There are a few strict guidelines that must be followed to be considered for this arrangement. It’s important to understand the root of the problem, which is rapid market expansion that enabled people to purchase expensive homes easily. Now those homes are worth a fraction of their prior value.

To qualify for short sales, the current value of the house must be less than the mortgage loan. Homeowners must prove that they have missed several payments and are truly without the means to catch up. Lastly, the homeowners must discuss the matter with the lending companies to acquire their blessings as the latter is placed at a disadvantage if the sale pushes through. That being the case, one might wonder why a lender would even let the transaction happen. The answer is that short sales, though financially disadvantageous, are still better compared to foreclosures in terms of cost. The total loses may be split between the lending company and the homeowner, if he or she has the capacity to absorb such a blow, which may not be the case. Due to the complications, individuals who wish to avail of this measure must secure approval by filing special documentation to the lender. If unsure as to how to go about the procedures, homeowners can seek the help of real estate representatives in their locality.

The fact is, there are numerous people in the same situation trying to unload their own properties without losing the shirts off their backs. One has to come to the proper solution in order to lessen the effect it would have on one’s credit score. Short sales are one solution that every homeowner should be looking at. However, there are certain criteria that need to be met in order to qualify for this type of solution. Because the housing market bubble expanded so quickly and purchasing a home was so simple, it was inevitable for this bubble to burst. Unfortunately, upon the bursting of the bubble, people found themselves with properties that were worth much less than the mortgage loan.

That is the first criteria that must be met in order to qualify for such a sale, i.e. the property value must be below the amount of the mortgage loan. The individual homeowner must also be behind in the mortgage payments and prove that there is difficulty in making such payments. Furthermore, the homeowner must get the approval from the lender because it is the lender who will lose out in this type of the sale. If you are wondering why a lender would even consider this as a solution, it has to do with simple calculations whereby a foreclosure is much more costly to a bank or mortgage lender. In many cases, the lender will negotiate splitting the losses, although it is not always possible, depending on the financial situation of the homeowner. Special documentation must be completed and presented to lenders to approve this type of sale.

The process may be complicated! Linda Martignetti is a real estate agent in South Florida that specializes in short sales. Linda can help homeowners through the entire procedure. If you are still contemplating if a short sale is best for you, don’t feel overwhelmed! Contact Linda today!

Usually a short sale is done to prevent the process of foreclosure. You, as a lender should approve a short sale that is well planned, well prepared and well presented in order to avoid the costs of a foreclosure which can reach up to tens of thousands of dollars. When it comes to a homeowner, short sale is very advantageous too. There are various benefits that a short sale brings such as avoiding the cumbersome and costly proceedings of a foreclosure, avoiding the devastating impact that a foreclosure would have on your credit history and the capacity to maintain your current employment and obtain future employment.

Short sale times are improving a great deal, although not in an extremely fast pace. According to CondoVultures, a Florida-based real estate consultant firm had reported that the average number of short sales in South Florida took 195 days in 2010 and 203 days in 2009. Another added motivator for servicers to go for short sales instead of foreclosures comes from the Florida Supreme Court. Before the collapse of the housing market a foreclosure in Florida took about 6 months and cost around $40,000 which included unpaid taxes, attorney fees and property damage. With such rising numbers of foreclosures in Florida, the Supreme Court of the state implemented a program that stretched the foreclosure to a time which is as much as 18 months.

Thus such action by the Florida Supreme Court diverted attention towards short sale although it can be a complex and time consuming action requiring detailed workings. it is being hoped that the process of short sales will spread to other parts of the country through trickle effect.

TIME IS RUNNING OUT!
If you are contemplating a Short Sale,
CONTACT LINDA MARTIGNETTI (RIVERSTONE REALTY) 954-464-5434

If you are upside down in your mortgage, you will probably qualify for a short sale. In fact, if you speak to your bank, you will probably discover that they would actually encourage you to do a short sale. However, with so many myths floating around the internet and the news media about short sales, it may be impossible to untangle the myths from the reality.

If you are experiencing hardship, if you are upside down in your mortgage, we would love to answer your questions. By attending our seminar on November 17th, homeowners will learn exactly how to start a short sale process.

They will learn that short sales are getting easier. They will learn about some of the incentives that lenders are offering homeowners to complete a short sale. For instance, recently two of our lenders gave their borrowers $20,000 at their closings. To earn this bonus, the borrowers only had to ensure that they kept their property in good shape and that they did not remove anything from the property.

At our seminars, we cover everything that borrowers need to understand to get through this tricky process. We explain the importance of getting their property valued prior to a short sale, and we show them who the best appraisers are. We tell homeowners the best ways to contact their lenders and how they should draft their hardship letters. We even explain how to find the right real estate agent to represent them for their short sale. In addition to this information, we offer much more at our seminars.

When you join us on November 17th, you will learn about all of the following elements of the short sale process:

• Untangling short sale facts from the myths that are spread by the media
• How to avoid scams and keep your finances safe
• Federal programs that help homeowners
• And much more

If you are wondering how to start a short sale process or if you are wondering why banks are encouraging short sales, we are the experts who can help you. Our special seminars have been designed to educate homeowners about all of the intricacies of the modern real estate market. When you leave our seminar, you will know exactly why banks prefer short sales, and you will understand how they can benefit you.

The first step to saving your home from being foreclosed is to realize the gravity of the situation. The lender will usually give you a grace period to pay off your outstanding mortgage payments before commencing the preforeclosure process. If your credit situation is on the rocks, seek help from a Florida short sale assistance agency. The agency will help to negotiate a short sale for you.

When you contact South Florida Short Sales, your financial situation and chances of being successful with a short sale request will first be evaluated. Linda Martignetti, a short sale assistance specialist with the agency, will help you with the basic requirements and filing the paperwork. She will work with you from the start to successful completion of the short sale process.

Linda will help you negotiate with the lender and agree on a time frame for paying the outstanding payments. If your credit situation is wanting, she can negotiate with the lender to have the payments deferred or reduced until your financial situation improves. Alternatively, she can convince the lender to offer you a new payment plan.

When your home is about to be foreclosed, you should know your rights regarding your mortgage and your lender’s right with regards to late payments. It can be difficult for a nonprofessional to know where the boundary lies in these matters. South Florida Short Sales will assist you in this matter. Linda will advise you on the course to take when you want to pursue a short sale to save your home. However, she will only give you alternatives to prevent a foreclosure but not fully avoid the mortgage payments. Ultimately, you will have to commit yourself to paying off part of the mortgage.

Dealing with short sales issues in Florida can be a challenging task. To negotiate a short sale successfully with your lender, you need Florida short sale assistance from experienced and certified professionals. Linda and South Florida Short Sales agency can help negotiate more manageable mortgage payments with your lender and ensure your short sale request is successful.