Another option is to Short Sell, or a Pre-Foreclosure Sale. When you owe more than your home is worth a short sale occurs. Sometimes it’s best to sell your home, whether it’s because of a change in your income or lifestyle. We will assist you, provided the lender agrees, in the sale of your home under the right circumstances.
To qualify for a short-sell or a pre-foreclosure sell:
John and Mary’s mortgage payment is $1,000 per month. Since John’s unemployment, they’ve missed six payments and owe the mortgage company $6,000 plus another $1,000 in attorney fees. They need $7,000 in order to get out of foreclosure.
John and Mary have been trying to sell their home for a few months, but the current market value for the property is less than the current payoff of their loan. A Pre-Foreclosure Sale will allow John and Mary to sell their home for less than full payoff, because the fair market value for their home is less than the total amount to payoff their mortgage.