Missing Mortgage Payments in West Michigan? Act Now.

Are You Headed Towards Foreclosure? Act Now.
Consider the Short Sale Option
By: Takara Taylor, Realtor

Many lenders have been agreeing to accept a “short sale” offer as a way to help homeowners stop their home from going into foreclosure and damaging their credit. One may be thinking “What’s a short sale?” A short sale is basically the following:

A short sale is a situation involving your mortgage lender’s approval of accepting a lessor amount than what you owe on the home. For example,let’s say there is a third party who offers to purchase your home for $140,000.00 and you owe $180,000.00.The offer coming from the third party can be submitted to the lender and taken into consideration.

This process can be very tedious and it can take up to 90 days to get an approval from your lender. Your lender will evaluate the offer received and determine whether the offer was an acceptable one. There may be some negotiating back and forth before a final decision is made.

Please note that each case may be handled differently. Short Sales are best handled by a Realtor for various reasons including the possible need to list your home, process paperwork, and negotiation with lenders. Please contact Takara Taylor of AUDU Real Estate at Takara@grar.com for more information.

AUDU Real Estate, 3629 Alpine NW, Constock Park, MI 49321