Short Sale - The new exit strategy

Associated Press Oct 30, 2009: For a homeowner who needs to sell but has a mortgage balance higher than the property value, one option is something called a "short sale."

Do you owe more than you house is worth?
Do you want to get out from under a bad loan?
Are you tired of throwing money down a bottomless pit?

If you answered yes to any of these questions then a short sale may be the right solution.

FILL OUT THIS SHORT FORM TO FIND OUT IF YOUR PROPERTY QUALIFIES

First and Last Name Only
City
State	(location of property)
Street Address
Zip
Work Phone	( ) - - (one valid # required)
Home Phone	( ) - - (one valid # required)
Type of House
Current Value
Purchase Price
Total Mortgage Balance
Current Interest Rate
Fixed or Adjustable?
Monthly Payment
Behind on Payments?

Best Time to Call
First Mortgage Balance

Email Address	user@isp.com
Who is your lender? Are you behind? List other information that may be helpful.	(Example: Ocwen, 3 payments behind, Notice of default filed 11/03/08. Maximum 255 characters.)

All information collected is treated as strictly confidential and will only be used for the purposes of a foreclosure loss mitigation or short sale consultation. We will never sell your name to a third party marketer. You agree to allow our consultants to call even if you are on the do not call list.

What is a short sale and how does a short sale work?

If your property value is less than the amount you owe on your home, then it doesn't make much sense to continue owning that home. A third party buyer can make an offer to the bank to pay off your loan.

Let's say you bought a home in 2006 for $250,000 with 10% down. Similar homes recently sold for $175,000. You owe about $220,000. Let's also assume your payments are $1700 per month and you could rent a similar home for $1200 per month.

A short sale buyer will make an offer to the bank to cash out the lender at a discount to the face value of the loan. If it is accepted, you can walk away from the $220,000 debt and owe nothing. The bank relives you of the debt and does not show a foreclosure on your credit record.

Now instead of putting good money after bad and continuing to fund a losing investment, you can rent and save $500 per month.

What happens after I fill in the form?

Within seconds your request for a consultation is routed to investors that are buying homes in your area or a real estate agent that can arrange a buyer for you.

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