Connie Abels

Managing Broker-Owner

 

SHORT SALES AND FORECLOSURES

If you are behind in your mortgage and facing foreclosure, talk to me about a Short Sale!  Financial difficulties are stressful enough, and even more so when you fall behind in your mortgage.  Now you are worried about where you will live, how you will catch up your payments, what your friends and family will think, what will happen to your credit, and more! Here is why you may want to consider a short sale rather than go through foreclosure...

In a foreclosure, when you are behind in your payments, there is a process and your lender will take back your home.  There are various lender programs available if you decide you want to keep your home that will work with you so that you can afford the payments. Sometimes, this isn't possible for you or a smart move.  IMPORTANT INFORMATION! In a foreclosure, the bank takes back the property (a lengthy process) and then will resell the property.  You are responsible for the difference between the price of what the bank eventually sells the property, and what you owe remaining on your mortgage, back interest, fees, etc. for up to 10 years!  This means if you get back on your feet, potentially your lender can, for up to 10 years, try to collect that difference by collecting on that foreclosure judgement.  Imagine, you are on your new job for a few years and there is suddenly a wage garnishment.  This doesn't always happen, but it could.  You have a better solution than allowing a foreclosure.

You can do a short sale. A short sale is an agreement between you and your bank to sell your property at a lesser amount that what you owe. In a short sale, because this is a work-out agreement, once it is complete, you typically do not have to worry about the lender coming back for the remaining balance. Most of my seller clients do not end up paying anything other than a few minor costs. You do not have to come up with money to pay my commission!  My commission is paid by the bank to do this for you so you do not have to come out of pocket for my cost.  Because of my experience in these short sale, I can help you with timing (important) and make other recommendations that will benefit you both in the short term and long term.  I will discuss this with you personally.

Anyone can do a short sale if their property is "underwater" (owes more than it is worth). I have helped doctors and lawyers do short sales on their property as well as people who are unemployed.  Sometimes, if a condominium, your building won't let you rent it out and you can't afford to pay two mortgages. NOW WHAT?  If you need to sell your property and it is worth less than you owe, you can do a short sale. Once the short sale is completed, your credit will repair very quickly provided the rest of your credit is good. (approximately 6 months).  I am very experienced in this process.

Like a foreclosure, anytime there are financial difficulties, there is a lot of stress. If you  or you know someone who is facing foreclosure, I urge you to have them contact me.  I have many tips on getting through a short sale without losing all of your assets.  I am not going to share all of my tips on a successful short sale on line here but would be happy to meet with you to discuss this. I urge you to contact me.  I can be reached at 773-442-2357 or connie.abels@gmail.com.  I CAN HELP! I am a Short Sale Expert!

Whether you are ready to sell your home now, are considering it in the future, are in trouble with your mortgage, or simply want to know the value of your home, contact me at 773-442-2357 or connie.abels@gmail.com.