Foreclosures
Financial troubles visit nearly everyone at some point. If you're behind on your mortgage, consult with your Preview Properties.com real estate professional who is experienced in negotiating with banks and lenders. Too many people panic when the lender starts talking about foreclosure.
Please keep in mind three very important factors if the lenders’ threatening to foreclose:
1. The lender does NOT want your property! They want their money!
2. The time to act is now! Don’t wait! There are a series of things the lender must do to foreclose, and that takes time. But it doesn't take forever, and they WILL foreclose on the property if given no other choice.
3. The people from the lender that you've been talking to are collectors. If they seem rude or belligerent, don't assume the lender won't work with you on a short sale or other solution.
When we work with the lender, we are talking with a completely different department at the lender than you are.
Another thing to remember: A short sale may not be the best thing in your particular case. You need to contact a professional who can give you information on all the options available, and who understands your specific situation. The goal is to preserve your credit, your home and your dignity.
How We Can Help You..........
Preview Properties.com is a full service real estate company with experts in handling potential foreclosures.
On a strictly confidential basis we may be able to help you. We have settled thousands of credits at significant discounts for our past clients. We provide two services.
First, we have a network of real estate agents around the world who are the best in their marketplaces and who work hard to maximize your return on the sale of your home; which is the first step in dealing with a threatened or a real foreclosure.
Secondly we negotiate with the lender in your behalf to obtain maximum concessions so that you can come to the closing table either bringing no money or bringing a minimal amount in order to sell your home and move on to the next home.
If you want to learn more about the process, we can set up a video interview, a telephone interview or answer your questions by e-mail.
Take a moment to view the testimonials on this website from people we have helped in the past and some actual case studies which you can compare to your current situation. If you feel you need help in this process, e-mail us at home@previewproperties.com.
First, we have a network of real estate agents around the world who are the best in their marketplaces and who work hard to maximize your return on the sale of your home; which is the first step in dealing with a threatened or a real foreclosure.
Secondly we negotiate with the lender in your behalf to obtain maximum concessions so that you can come to the closing table either bringing no money or bringing a minimal amount in order to sell your home and move on to the next home.
If you want to learn more about the process, we can set up a video interview, a telephone interview or answer your questions by e-mail.
Take a moment to view the testimonials on this website from people we have helped in the past and some actual case studies which you can compare to your current situation. If you feel you need help in this process, e-mail us at home@previewproperties.com.
How We Complete A Short Sale
A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.
STEPS:
- We verify the value of your property. When you sell your property through us, we will provide you with an estimate of market value.
- We will calculate the costs of selling the property. We will provide you with an estimate of closing costs.
- We determine the total amount owed against the property. This is the total of all loans against the property plus unpaid interest, taxes and fees.
- We do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number.
- We contact the lender or lenders. We talk to someone in the customer service department and tell them the situation. They may direct you to a specific department. Talk to a supervisor or manager if possible; this person will have more authority.
- We ask the lender what its procedures are for a short sale. Some lenders are willing to work with you by reducing the amount owed or making other arrangements. Other lenders will tell you that your debt is your responsibility, one way or the other.
- We sell the property and close the transaction.
TIPS:
Closing costs will include title and escrow fees (if the seller is responsible for any portion of them, which will depend on your county), attorney fees, a portion of unpaid property taxes, re-conveyance fees, notary fees, delivery fees, documentary fees and/or transfer fees.
Remember that the amount on your monthly loan statement does not include interest. Interest is accrued until the date a loan is paid off, so you may have as much as 30 days of interest on top of the balance owing, and this interest will be included in the total payoff amount.
BE AWARE:
If a property is sold under a short sale, the lender may require the seller to make up the difference, either through a personal obligation or a collection.
The IRS often gets involved with short sales, because they are seen as a relief of debt and may be treated as income. Check with your accountant.
