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Definition of a short sale  

 

- A real estate short sale occurs when a lending institution agrees to accept less than what is owed on a mortgage in order to facilitate the sale of a property.  A short sale allows a homeowner who is in a negative equity position on their mortgage to sell their property and avoid a foreclosure as well as all of the ill effects that accompany one.  The idea is to relieve the homeowner of a burden they cannot afford and eventually reenter the marketplace at a time and level they can afford.

 

Should I Consider a Short Sale?

·          Are Your Mortgage Payments Too High?

 

·          Do You Want Lenders to Stop Calling?

 

·          Do you owe more than Your House is Worth?

 

·          Do You Want to Dispose of Your Debt?

 

·          Want to Minimize Damage to Your Credit?

 

·          Suffered Loss of Income?

 

·          Your Mortgage Will Adjust and You Cannot Afford Paying

Skyrocketing Rate?

·          Want to Sell Your House but There is Not Enough Equity?

 

·          Do you want to avoid or Stop a Foreclosure and Get a Fresh Start?

PSG Can Help!  Regardless of your circumstances, Preferred Servicing Group LLC has powerful solutions available.


Default situations are time sensitive, avoiding the situation is simply unwise.
Contact our Short Sale Specialists Now for a FREE Consultation call today at 856.872.4122

 

Market Conditions Effect on Homeowners


The real estate marketplace has undergone dramatic changes in recent months. More and more buyers are finding themselves in homes they can no longer afford and or which are now worth less than what is owed. In many cases this was made worse by mortgage rate adjustments which lead to payment increases. As a result, borrowers are unable to pay their mortgages and default rates have skyrocketed.
Even borrowers who are capable of paying their mortgage are under a great deal of pressure. They do not want to continue paying a mortgage on a property worth less than what they owe.


Risks
Not being proactive under these circumstances is quite risky given the severe consequences following mortgage default, especially given the long lasting impact from the information which remains on the credit report for years.
Lack of knowledge regarding available solutions shouldn’t be a deterrent in motivating property owners to actively seek a solution.


What is a Short Sale?
A ‘short sale’ occurs when a bank accepts a discount on a mortgage to avoid a possible foreclosure or bankruptcy. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. Many homeowners have been unfortunate enough to be living in homes worth less than they bought them for just a few years ago. 

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