Short Sale

Short Sale: Avoiding Foreclosure Is Possible!

Short Sale: Avoiding Foreclosure Is Possible!

Short Sale: Avoiding Foreclosure Is Possible!

Short Sale Assistance

Know Your Options

Do you currently owe more than the value of your home? Are you facing the possibility of bankruptcy or foreclosure? Before you give up, learn what options you have and why a short sale may be right for you.

What is a short sale? A short sale (aka pre-foreclosure sale) is when you sell your property for less than the mortgage balance you owe. If your mortgage company agrees to a short sale, they will be allowing you to pay off all of the remaining mortgage balance with the sale proceeds.

A short sale is an alternative to foreclosure when:

  • You are suffering from long-term financial hardship
  • You do not want to do or are ineligible to modify or refinance your mortgage
  • You owe more than the worth of your home
  • You are behind on your mortgage payments
  • You can no longer afford to keep your home and need to leave your home
  • You are not able to do a regular sale that will cover what you still owe

Read: Ultimate Debtors Guide: Loan Modifications Vs Short Sales Vs Deed In Lieu of Foreclosure

A Short sale refers to a shortage of money and despite the name, may also take a long time to process. Note:  If you are considering this option, a short sale may allow you to stay in your home a little longer to help you get back on your feet while the short sale process is in progress.

The process of buying a property via short sale varies from state to state, but generally, includes:

  • A Short sale offer
  • A Short sale (financial) package or a letter is submitted by the seller (or company such as United Financial Counselors) to the lender describing the hardships of making the mortgage payments.
  • The bank reviews the offer and provides a decision. The process can take several weeks to months.

We can help! Why you should work with us?

United Financial Counselors is a financial counseling institution. We are 501 c-3 Non profit that is dedicated to assisting individuals break their dependency on debt. We provide necessary financial education and enrich the lives of our clients regardless of their background or ability to pay.

If you are interested to learn more about our short sale assistance programs, please visit www.unitedcounselors.org.

Read: What Is A Short Sale And Should I Avail It To Buy A Home?

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