What is a Short Sale
If you find yourself not being able to afford your home, if you owe more on your house than what it's currently worth or currently not able to sell, it maybe a short sale. A short sale is a real estate transaction where a homeowner sells their property for less than the amount owed on their mortgage. In this situation, the lender agrees to accept a reduced payoff to release the lien on the property, which allows the homeowner to avoid foreclosure. Short sales typically occur in a declining market where property values have dropped. The sale must be approved by the lender, who will evaluate the financial hardship of the homeowner. The approval process can often take longer than a traditional sale due to the lender's requirements. Short sales can benefit both the seller and the lender, as they often result in a better financial outcome than foreclosure. However, it's essential for homeowners to work with experienced real estate professionals to navigate the complexities involved in short sales.

How do you qualify for a short sale

Financial Hardship: The homeowner must demonstrate that they are facing a financial hardship, making it difficult or impossible to keep up with mortgage payments. This could include job loss, divorce, medical bills, or other significant financial challenges.

Proof of Inability to Pay: The homeowner must prove they cannot afford the mortgage payments. This typically involves providing documentation such as tax returns, pay stubs, bank statements, and any other financial records that show income and expenses.

Home Value: The homeowner's property must be worth less than the remaining balance on the mortgage. In other words, the home must be "underwater," meaning the homeowner owes more than the property is worth.

Lender Approval: The most crucial step is that the lender (or lenders, in the case of multiple mortgages) must approve the short sale. The lender will review the homeowner's financial situation and the property’s market value before deciding whether to allow the short sale.

How Does Heartfelt Homes Help with Short sales

• We help homeowners avoid foreclosure and advocate on your behalf to get the lenders approval and get your debt settled and in most cases money to move!
• The best part is there is no cost to the homeowner to do a short sale. The mortgage lender will pay US directly to represent you! The short sale will help you avoid foreclosure, and the lender forgives your debt.
• We negotiate all liens and outstanding judgements attached to the property.

• Since every situation is different, you may also qualify for other options to keep your home through a loan modification. We will call the Lenders Loss mitigation department with you and make sure you know all your options to make the best decision on how to move forward.