Many of the homes on the market today, and homes going into foreclosure are not worth what they have outstanding loans for. Now we have an expected 1 in 500 homes (national average)expected to go into foreclosure due to adjustable rate mortgages in the next year. How do you sell a home for less than you owe?
Short Sales! While we have purchased homes via a short sale, I would not recommend it. It was a very long drawn out process each time and consumed weeks of time and a flurry of faxes, conversations and numerous voice mails.
I found National Short Sale Center, Inc. a national company which assists homeowners and mortgage services on a nationwide basis in negotiating down the amount owed on a home loan. It creates a win-win situation for both parties by providing the homeowner an option before their property is foreclosed upon, and by achieving maximum yield for the servicer.
National Short Sale Center has been the national leader in conducting short sales since 2004. This is a result of our commitment to the homeowner and conducting each negotiation with excellence. We are effective because many of our employees have worked in the lender's loss mitigation departments and have been trained in short sales as their specialty.
They list the following success stories on their website:
1. Negotiated a 2nd lien owed $63,000 to $2,000
2. Negotiated a 2nd lien owed $212,000 to $5,000
3. Negotiated a 1st lien owed $107,000 to $71,000
4. Successfully negotiated the complete removal of an IRS lien for approximately $25,000
If you are a homeowner, lender or realtor, it might be in your interest to contact them if you or a client owes more on their home than it is worth. I was not able to find any negative information on them and they are a member of the BBB (Better Business Bureau).
