If you or someone you know is unable to keep their home loans current and their home is now worth less than its outstanding indebtedness then this person or family is in a “distressed property” situation. This can even result from a needed relocation for a better job, but without the financial resources necessary to make up a shortfall between the cash from closing a sale and the outstanding liens.
We understand the terrible anxiety and stress comes with being in this situation. But the good news is that we know how to help.
In some cases distressed property owner may be able to retain the ownership of his/her property. Generally a short sale is needed. In this event there may be no resulting default balance owed to the lender, but the creditworthiness of the borrower will be temporarily impacted. Income taxes may be affected as well, which should be ascertained by a qualified certified public accountant or tax attorney. However to successfully transact a short sale requires extensive documentation and coordination with the lender and other lien holders. We recommend that distressed property owners consult with a realtor ® with the specialized expertise and training required to successfully handle a short sale such as a CDPE designation.
A foreclosure (i. e. mailing the keys to the bank) is totally unadvisable. It will stay with the distressed property owner forever; impacting not only the ability to buy another home in the future but possibly his/her job prospects. Foreclosure can generally be avoided given adequate time to short sell the property. It’s vital to engage a qualified realtor® as soon as a property owner becomes aware that a problem exists.
The good news is that we can help. We have the training, expertise and willingness to assist distressed property owners in a totally confidential and understanding manner. Distressed property owners should contact us with no obligation for a consultation as soon as possible