Stephanie Kacheroski, MC CDPE
RE/MAX Excalibur Realty
Tucson, AZ 85704
520-903-4356
direct
888-861-6789 private fax
stephaniek@remax.net
What is a "Short Sale" and how is it different then a "Foreclosure"? What Could Cause a Homeowner Distress? What are the Qualifications for a Short Sale?
When a borrower owes an amount on the property that when combined with closing costs and commissions, is higher than the current market value.
A short sale occurs when:
A negotiation is entered with the homeowner's mortgage company or companies to accept less that the full balance of the loan at closing. A buyer closes on the property and the property is sold "short".
A foreclosure occurs when:
There is a legal proceeding by the lien holder in which they take back the property in order to recover the amount that is owed by the homeowner.
The foreclosure crisis has hit all economic levels of home ownership. As a CDPE, we realize that nobody is exempt from facing financial hardship. There are many factors that may cause a homeowner to find themselves unable to pay their mortgage on a monthly basis. One major factor that makes a lender want to help a homeowner with a loan modification or short sale, is evidence of a current or imminent future hardship such as:
There are a few factors that lenders are looking for to see if you could qualify for a short sale. Please call us to discuss your personal situation.
Financial Hardship
When we submit your short sale package to your lender(s) we will include a hardship letter from you. This could be anything from a significant adjustment in your mortgage payment due to interest rates, a job loss, too much dept, business failure, sickness or you owe too much on the property than what it can be sold for.
Monthly Shortfall
This is another qualification that we will need to address to your lender(s). They want to see that you cannot afford to pay your mortgage. That is why we have created a simple financial worksheet for you to fill out to demonstrate your hardship.
Insolvency
This means that you do not have the means to pay down your mortgage. However, please realize you do not have to be broke in the eyes of the lender. The lender realizes that you have other financial obligations as well including living expenses.
What is the Government's HAFA program?
Call Stephanie TODAY, so she can help you get started to explore your options.
 |
SPECIAL REPORTS AVAILABLE... Email today for a FREE Report on Options to Avoid Foreclosure. If you know of anyone who may be facing foreclosure in Tucson, Arizona, this is a must read! Just fill out the request below. |
More About the Foreclosure Process...
Foreclosure Time Line
The Foreclosure Process in Arizona
Information to have ready before talking to the bank*
BEFORE talking to the bank yourself, contact Stephanie. She will help you gather your full package together and work with the loss mitigator!
The Do's and Don't of Foreclosure
The President's Plan
Ways to Avoid Foreclosure
IRS - Home Foreclosure and Debt Cancellation
Feeling a bit overwhelmed? Confused by the terms?
Call or Email Stephanie TODAY and allow her to help walk you through the process!
All rights reserved. Information may not be duplicated without permission. We do not assume responsibility nor guarantee accuracy of information. We are not engaged in the practice of law nor do we give legal advice. We insist that all clients meet with a tax advisor and/or attorney BEFORE entering into a short sale. Design by www.getstrongsolutions.com
