What is a Short Sale?
What Is A Foreclosure or bank owned property?
A short sale is a home being sold to avoid foreclosure, also known as a pre foreclosure. If you are in this situation, Please contact us as we may be able to help.
- An Reo stands for real estate owned.
- When the homeowner is no longer able to make their mortgage payments, the homeowner will receive a 30 day of intent by their lender and then a Notice Of Default. At this time the lender is giving notice that the property is in default and that the foreclosure process is beginning. There are many reasons a homeowner may end up in this situation.
- Don’t be afraid to call your lender or lenders. A lot of homeowners are afraid to make the call. This is your loan on your home and you have the right to protect your home, by making that phone call you may even find out that your lender has a way of helping you and saving your home. If you are unable to come up with an alternate solution you may get an approval from your lender to do a short sale, in doing so this will save you some credit and save your lender a lot more money than foreclosure. If you have more than one lender it is best to talk with both so you understand each lenders policy and procedure for short sales.
Follow the link below, it will take you to a site I highly reccomend, where you can find counselors and a lot of help for struggling homeowners.
I am unable to give legal advice and I always recommend That if you have legal question to seek the advice of an attorney