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We understand that defaulting on your mortgage is a difficult situation. Many people foresee themselves heading into default, or are already in foreclosure. What many people don't realize is that they have options before the bank takes away their house. These options may include a Loan Modification, a Deed in Lieu of Foreclosure, a short refinance, or a short sale. A short sale is an alternative to foreclosure and one that we can help you with.

Are you not sure if you qualify for a short sale? Do you owe more on your property than what you could sell it for, especially after real estate commission, closing costs, late payments, interest, etc? Are you having difficulty covering your expenses each month? Do you not have money in the bank to cover the difference of what you could sell your house for and what you owe the bank?

You can be proactive and save your credit from foreclosure. A foreclosure stays on your credit for up to seven years and can make it difficult to obtain another loan. Conducting a short sale minimizes the damage to your credit, but using a an effective and experienced Short Sale Negotiator and/or Attorney is critical.

Although your bank will lose money now by approving your short sale, the amount they will lose is significantly less than the amount they will lose if they allow the house to go to foreclosure. Here's what REMN will do to help with your Short Sale:

• REMN will work with the Seller and Listing Agent to ensure that a complete and up to date Short Sale package is submitted to the lender so that the process can begin immediately.
• REMN has established relationships with most lenders (large and small) nationwide with access to many of their lender specific forms, guidelines, and staff.
• Prelim Title/Judgment search and/or full credit reports are pulled on all Short Sales so there are no surprises.
• Most short Sale packages will include a full Appraisal of subject property and a full mortgage commitment for the buyer which will get the lender's attention.
• Ability to close deals more quickly once Short Sale approval received
• Current and accurate status updates for Agents, Seller, and Buyer throughout the process. All parties will have access to status of Short Sale 24/7 with their own User Name and Password.
• Keeping the BUYER informed throughout will decrease the likelihood of your home not closing
• REMN will act as the main point of contact with the lender and as the liaison between the Lender and Seller so that the seller can carry-on with their lives and the RE Agent can focus on selling more homes.
• Empathetic and competent staff that prides itself on exceptional customer service, communication, and integrity
• REMN will work on your Short Sale along with a Licensed Attorney (who may also be able to represent you at the closing).
• Any Seller fees to REMN will be paid by the Lender

What is a short sale?

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. A homeowner must apply for a short sale with their lender once they have a fully executed sales contract on their home.

A short sale usually occurs when the owner cannot make the mortgage payments and has little or no equity in the home. The bank might approve of the short sale because the foreclosure process can cost lots of time and money for the lender, and the lender may reason that it is better to just cut their losses and move on. The lender would get the proceeds from the sale, the lien would be released, and the owner would either be forgiven the rest of the debt owed or be responsible for all or some of the debt in terms of a deficiency judgment. This will probably not work if the owner cannot demonstrate a bona fide hardship, owns other real estate with lots of equity, or has a contract significantly less than Fair Market Value. It can be a time consuming processes, and is not the solution for a buyer looking for a quick settlement. However, if the buyer has some patience, he/she may be able to get a very good deal on their purchase offer. The buyer of a short sale must have a pre-approval on their mortgage for the short sale to be considered by the seller's lender (a full commitment from their lender makes an even stronger case for the short sale lender to approve short sale).