What are the benefits of a short sale?
When a Short Sale is achieved, there will not be a foreclosure.

• Foreclosure damages credit for up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy. Short Sales appear on your credit report as "pre-foreclosure in redemption", not as "debt discharged due to foreclosure" Less impact on your credit score. Through a Short Sale, you will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years if your home forecloses.
• Our Short Sale Service is FREE to you; the lender covers all the costs involved.
• With a Short Sale, it is possible to convince the lender to give up the right to pursue a deficiency judgement against the you, whereas 100% of foreclosures in Nevada, the bank has the right to pursue a deficiency judgement.

Will the lender come after me for the deficiency on a Short Sale?
Possibly. In some cases, we can negotiate with the lender to not seek a deficiency judgment against the homeowner. Some lenders, as a matter of policy, will not seek a judgment against the homeowner because they feel they have waived their right by accepting a Short Sale. The lender could simply write the balance off. You maintain control over whether to accept the Short Sale terms offered by the lender through the process. Your Foreclosure Consultant will keep you informed and educated throughout the entire process.

What about tax consequences?
Please visit http://www.irs.gov/newsroom/article/0,,Id=174034,00.html for more information. Always seek tax advice from a qualified TAX Attorney or CPA.

If I elect to do a Short Sale, how much will I have to pay to sell my home?
Our Service is at no cost to you. When your lender approves the Short Sale, all commissions/fees, title and escrow fees, and even most repair expenses are paid by the lender as a part of the Short Sale approval. Remember, lenders approve Short Sales and accept the resulting loss in an effort to avoid bigger losses through foreclosure.

Why would my mortgage company agree to accept a Short Sale?
There are actually several reasons why a mortgage company would approve a Short Sale payoff, including the following:

• Legal Concerns: Mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromised solution.
• Wall Street is watching: Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way. If mortgages perform poorly after they are sold it could impact the lender's ability to sell their loans on the secondary market. A successful Short Sale gets the loan payoff resolved quickly.
• Asset Management Expenses- If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold. It is expensive to manage real property assets spread throughout the region, the state and possibly even the nation. Keeping properties maintained, keeping utilities on, making repairs and the administrative costs attached to these activities are all costs the lender would prefer to avoid. A successful Short Sale eliminates most of these costs.
• Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders. For all delinquent and nonperforming loans lenders must set aside funds in reserve to deal with potential losses. These funds cannot be put to work generating new loan fees until the bad loans are resolved. A successful Short Sale allows the lender to put more money to work.

Can I sell my property for any price?
Absolutely NOT. Lenders are looking for specific ratios in comparison to market value, and lowball offers have nearly a zero chance of working. If your lender believes it is better off financially to foreclose, they will do so. They WILL ultimately foreclose if you do nothing. Doing nothing is NEVER an option.

I have two loans, can I still do a Short Sale?
Yes. We can work with both lenders.(many times the same lender holds the first and the second loans) Even if the value of your home is below the balance of the first mortgage, we can normally get both lenders to cooperate.

In the end, neither lender wants to own another home through foreclosure.

Do lenders approve all Short Sale requests?
No one can truthfully guarantee a Short Sale effort will work. For this reason, it is extremely critical to work with a Real Estate Broker instead that has extensive experience in getting Short Sales approved. The chances of a successful approval when dealing with an agent who is not trained in this area is very slim. From the initial contact with the lender(s), to the proper submittal of the Short Sale package, we know how to keep your file moving towards approval. Put our expertise to work for you by Calling Today! (702) 221-0001.