In today’s challenging economic climate, we have witnessed the profound impact that financial difficulties can have on families, causing considerable strain on relationships. Facing the prospect of foreclosure can be an overwhelming and frightening experience, leading to frustration and confusion. At times like these, having the right support can make all the difference.
Our commitment at The Henson Realty Group goes beyond mere transactions; we prioritize you and your family's well-being over commissions. Whether you find yourself 30 days behind on payments or have an imminent Auction Date looming, we are here to help. You are not alone; there are viable options and solutions available. Our team has a proven track record of assisting numerous families in avoiding full foreclosure through the Short Sale process.
We understand the urgency associated with Short Sales, and time is of the essence. The complexities involved in the process, which can span months depending on factors such as the number of mortgages and your bank's procedures, underscore the need for swift action. Every bank may have a slightly different process, and our experienced team is dedicated to guiding you through this challenging period.
When you reach out to us, you won't be just another client; we'll sit down with you one-on- one to thoroughly discuss the options that best suit your unique situation. Contact Bonnie directly at (702) 522.7171 to initiate this crucial conversation. Our ultimate goal at The Henson Realty Group is to help you navigate through the challenges, avoid foreclosure, and move forward with your life.
FAQ – Short Sales
What is a Short Sale?
Short Sale means that your bank agrees to accept less than the full balance due on the mortgage. The “short” is shorting the bank the full money owed on the mortgage, allowing the homeowner to be released from the financial burden. For example, if the outstanding balance is $100,000 but the home sells for $75,000, the bank agrees to Short Sale the property and takes less than what is owed. In some cases, the Seller is released from the debt, however, some Sellers may be required to pay taxes on the unpaid balance. This can be discussed with a CPA, certified public account, or a bankruptcy attorney. Both of which we have on our team at The Henson Realty Group
Who Can Qualify?
Sellers who are behind on their mortgage at least 30-days (one late payment) may qualify for a Short Sale.
Does It Affect My Credit?
Yes, a Short Sale will affect your credit. Banks have the option of submitting the Short Sale to the credit bureaus as “Paid in Full” or “Settled for Less than Full Balance.” If you are currently behind on your mortgage or facing foreclosure, the Short Sale can actually help your credit. How? Once a Short Sale is approved and it closes, you avoid foreclosure. A Short Sale is less damaging to a Seller’s credit, as compared to a foreclosure, which can take many years to recover. Many times, Short Sale Clients may be able to purchase a new home within 2 to 3-years from the close date.
How Much Does it Cost for a Short Sale?
NOTHING! All the closing costs, attorney fees (if any), title company fees and commissions are paid by your bank. Sellers do not pay anything out of pocket for the Short Sale of their home, with the exception of outstanding HOA dues. Most of the time, banks will not pay for this nor any costs related to association documentation for closing. We highly recommend you stay current with your homeowner dues.
How Long Does a Short Sale Take?
Far from being short, a Short Sale can take anywhere from 3 to 8-months, sometimes more and sometimes less depending on how many mortgages are on the property as well as who is your mortgage bank. Each bank and each Short Sale situation is different. An estimated time frame of the Short Sale can be discussed when you sit down with one of The Henson Realty Groups Short Sale Specialists.
Does a Bankruptcy Affect the Foreclosure?
Yes, if you file for Chapter 7 or Chapter 13 it will temporarily stop an upcoming Auction Date on your property, which allows you more time to proceed with a Short Sale. At The Henson Realty Group, we have several bankruptcy attorneys on are team that will sit down with you at no cost to discuss the option of a bankruptcy.
Can I Keep My Home?
If you desire to keep your home and can afford to make the monthly payments, then YES you should try to keep it! In order to qualify for a loan modification, you will need to demonstrate to the bank that you are generating more income than your current monthly expenses. With that said, unfortunately, more than 91% of all loan modification applications are denied.
Do I Qualify for Relocation Assistance?
In many cases, Sellers may qualify for Relocation Assistance, depending on if their mortgage is FHA, conventional or VA. With an FHA or conventional mortgage, you may qualify for up to $3,000 of Relocation Assistance if you still live in the property. With a VA mortgage you may qualify for up to $1500. Relocation Assistance is not something we can negotiate. You either qualify or you do not qualify.
Need More Information?
Contact us for a personal, free, consultation to discuss your options. Our Henderson based Short Sale Team of Specialists, are ready to talk with you, show you what comes next, and take care of any concerns you may have to move forward. Find out today what the next steps are to getting back to living your life.
You may also receive the above book on Short Sales by clicking on the following link.