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.