Are you having trouble paying your mortgage? Worried your home will go into foreclosure? If you are behind on your mortgage, your home is now considered a Distressed Property. As quickly as possible you need to get with a Realtor and try to sell your home so you can avoid foreclosure. Your Realtor can guide you through the Short Sale Process.
What next? After your home is sold as a short sale, you won’t be able to get another mortgage for a few years. You might be able to get an apartment. If not, plan to move in with family or friends for awhile.
If your home does not sale during the short sale process then you will be notified of your eviction when the home is foreclosed on. When you get the notice of eviction on your front door—get out of the house. The locks will be changed and your stuff could be locked inside and you might not be able to return. The house will be auctioned as a foreclosure.
So what is a short sale? A short sale is when you sell the home and the lender is shorted money because you owe more on it than it’s worth. Usually the seller is not responsible to pay anything at the closing. After all, if the seller had any money to pay with they wouldn’t be doing a short sale. The bank pays the Realtor’s commissions at the closing. They also pay title company fees. The bank usually takes a loss on the sale of the property, but it keeps them from having to foreclose on the property and evict the occupant. When a home is in short sale status and is being marketed for sale by a Realtor, the bank wants you to continue to live in the house and maintain it. Lastly, to do a short sale a homeowner must qualify. You must disclose tax records, banking information, and a lot more. You cannot have any money to pay the bank for the mortgage if you want them to agree to a short sale.
If you need help with your mortgage – call your Realtor early, before it’s too late. At RREA, we have Certified Distress Property Experts (CDPE) that can help – 281-288-3500. But you must call now, while there is time to sell the property.
