Why do mortgage companies do short sales?

Mortgage companies do not want to own real estate. When mortgage companies foreclose, they have to maintain the home, insure it and then get it sold – often for much less than they could in a short sale. In other words, a short sale “nets” mortgage lenders more money than foreclosures.

What does a short sale cost?

When you use the Matt Fetick Realty Alliance for your short sale, there is no cost to you to negotiate the short sale or list your home. Your lender will pay us to complete the short sale.

What happens to my unpaid balance?

Depending on your hardship and personal circumstances, most lenders will accept the short sale as payment in full for your mortgages. However, depending on your financial health, your lender MAY ask for a small contribution at closing or on a payment plan toward the unpaid balance. Either way, you will know your options before you must commit to doing the short sale and closing on the sale of your home.

I’m behind on my mortgages, how long do I have?

The honest answer is, it all depends. It is very important that you call us and discuss your personal situation so we can provide you with the best advice and resources.

What is your success rate?

In all honesty, we have successfully negotiated every short sale we have ever submitted to the lenders. Your cooperation in completing all required documentation and responding quickly to our questions will greatly help us to help you.

What about my credit?

A short sale will have an impact on your credit. However, the credit impact of a short sale is less than going through foreclosure. Additionally, once your short sale is complete, we can refer you to a credit restoration company to help you get back on track.

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