At Waugh and Associates, we understand this is a very frustrating period in the lives of you and your family. We want you to know that you are not alone; countless numbers of Americans face financial difficulties and are unsure what to do. If you are facing foreclosure, you have options to avoid foreclosure and the sooner you act, the more likely it will be for a positive outcome. We understand it can be a complicated process, especially if you are going it alone. Get some help if you need it by consulting with an expert who is specifically trained to negotiate with lenders and holds either the Certified Short Sale Professional or the Short Sale and Foreclosure Resource designation. The Realtors® at Waugh and Associates have that training and helped many Las Vegas families avoid a foreclosure, successfully sell their home, and get their finances back on track.
We encourage you to learn all you can by spending some time perusing our website. We have provided several resources to help you navigate through your many options and decide which is best for you given your circumstances. With millions of loans adjusting and not enough value to refinance, for many the best option is to sell their home through a process called Short Sale. (Foreclosure vs. Short Sale pdf)
What is a Short Sale?
A Short Sale is a transaction in which the lender accepts less than what is owed by the homeowner in order to settle the debt, which allows the homeowner to avoid foreclosure. Foreclosures have more than doubled since 2006. With banks and homeowners needing a better solution, Short Sales will more than likely become the most common type of real estate transaction in the coming years. You’ve probably heard of some of the common Short Sale myths, but have you hear of all of the benefits of a Short Sale?
Lender agrees to discount their payoff
Avoid having a foreclosure on your record
Less impact on credit score than a foreclosure
Can typically qualify for new home loan in about two years
Homeowner can stay in their home until closing
Short Sales are almost always tax free (H.R.3648 = New Law)
Short Sales are free because the lender pay “ALL” costs
On November 30th, 2009 the US Treasury Department issued new Short Sale guidelines that will help millions of struggling homeowners facing foreclosure. The Home Affordable Foreclosure Alternatives Program(HAFA), part of the Home Affordable Modification Program (HAMP), provides financial incentives and simplifies Short Sales procedures by setting limits on the time it takes lenders to respond and approve an offer, frees borrowers from debt and caps claims of subordinate lenders. Taking effect April 5, 2010, these new guidelines mandate the following:
Banks have 10 days to provide a yes or no response to a short sale request
The process has been streamlined
Paperwork has been standardized
Banks can now give homeowners and agents pre-approved short sale terms
In most cases, the lender will now forgive the leftover debt
You may qualify for a $1500 government incentive for relocation costs
