There are other options available:
- Short Sale
- Forbearance or Re-Payment Plan
- Sell the Property
- Rent the Property
- Mortgage Modification
- Deed-in-Lieu of Foreclosure
- Servicemembers Civil Relief Act (SCRA)
How a Short Sale Works
A short sale is when the homeowner owes an amount on his property that, combined with closing costs and commission, is higher than current market value.
Call 303-664-0000 today and ask to speak to one of our Certified Distressed Property Experts.
A short sale occurs when the homeowner’s mortgage company or companies agree to accept less than the full balance of the loan at closing. A buyer closes on the property and it is “sold short”. For a lending institution to accept a short sale, the homeowner must demonstrate financial hardship, which is a material change in his financial situation that affects the ability to pay the mortgage.
Examples of hardships include:
- Loss of job or reduced income
- Business failure or too much debt
- Damage to property
- Death of a spouse or family member
- Severe illness
- Divorce or separation
- Mandatory job relocation
- Medical bills
- Military service
- Payment increase or mortgage adjustment
- Insurance or tax increase
Get In Touch With Us
We have experience with residential, commercial and income property. Contact us today and we can help get you the experienced help you need!