Know The Basics For A Short Sale

Okay so your considering a short sale and have thought about a lot of things that you have heard. But know the basics for doing a short like the following:

If your loan is an FHA or VA you must be atleast 31 days behind on your mortgage.  If you have a conventional loan and you are less than 60 days delinquent then you may only qualify for HAFA through extreme  financial situations.  So basically if you are not 31 days delinquent and have an FHA/VA loan or atleast 60 days delinquent on a conventional loan then you most likely do not qualify for any of the programs that are available for a cooperative short sale.

Of course there are other things that matter but this one has been a big factor lately so many people want to do a short sale but are not behind.  With that being said do you have to be delinquent to do a short sale, the answer is NO you dont.  Most lenders have their own in house short sale program but get the facts of what is allowed and acceptable and also an in house short sale does not give you the 120 days to sell without threat of foreclosure like the HAFA or The Approval to Participate with HUD so you are open to foreclosure, it is more difficult to get any closing cost help for buyers but not impossible.  I know all of this is over the top but that is why I am here Phillis Nealy your Texas Short Sale Queen contact me using the box to the right or call me now at 214-650-5536 and my email is phillis@txhomerealty.com. I am waiting to assist you with financial freedom from the burden of struggling to pay a mortgage you cannot afford.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536

Thinking about a loan modification? We assist with loan modifications free of charge just fill in the contact form to the right or email me at phillis@txhomerealty.com

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors

Phone: (214) 650-5536.phillis@txhomerealty.com

A Realty company with Service as Big as Texas

View My homes for sale at http://www.txhomerealty.com/

This blog is for informational purposes only it is not intended for legal advice please consult an attorney.

Dont Accept a Promissory Note!

Situation my lender is counter offerring with a promissory note or they are asking for a lump sum payment at closing, I am told it is the MI company that is requesting the monies.

If this is happening to you and you have an agent then have the agent request to speak to the MI company the lender will always say they do not speak with the homeowners or the agents, then ask for a supervisor and find out who is the investor on your loan.  Once you have the investor information contact them for assistance if you cannot afftord the promissory note or the lump sum payment and can prove it then make sure you are heard on the situation. The home must be your primary home in this situation and do not be afraid to stand up for yourself the banks will loose more money in a foreclsoure sale and use the resources that are there for you. Call your state congressman for assistance in making sure you are heard. Most owners agree to the promissory notes or borrow and struggle to get the lump sum payments because they are afraid of being foreclosed on or just tired of the process but here is the solution call me Phillis Nealy at The Texas Group Realtors and let us navigate and negotiate your short sale.  We are experienced experts that know what to do when dealing with the banks in difficult situations.

Thinking about a short sale?

I can help you short sale your property and get back on your feet. Fill in the contact box to the right or send me an e-mail :phillis@txhomerealty.com and I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536

Thinking about a loan modification? We assist with loan modifications free of charge just fill in the contact form to the right or email me at phillis@txhomerealty.com

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors

Phone: (214) 650-5536.phillis@txhomerealty.com

A Realty company with Service as Big as Texas

View My homes for sale at http://www.txhomerealty.com/

This blog is for informational purposes only it is not intended for legal advice please consult an attorney.