Shortsale

_______________________________________________________________________

In today's fast moving market, changes occur to the rules and regulations governing short sales and it's imperative that you find not only a broker that understands these changes, but an attorney that can protect you from damages Realtors simply cannot.

The Law Office of John Scott Carter understands that no one has perfect foresight into the future and that changes in income and property values can have a dramatic effect on households. An option available to homeowners in distress is the short sale. This allows you to sell your home for less than you owe your lender.

On your own, you may find it very difficult to negotiate an acceptable transaction with your lender. Remember, a short sale MUST be accepted by your current lender or servicer in order to proceed with the sale of your home. Short sales are considered a privilege and not a right.

When working with the Law Office of John Scott Carter, you will benefit from attorney’s that specialize in short sales, loan modifications and other resolution services. Why would you want to leave the job to anyone else?

Negotiating Deficiency is important When Negotiating a Short Sale:

With a short sale, the lender has three possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of the home.

First, the lender can attempt to collect the deficiency balance from the seller after the property has closed.

Second, the lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale. If the new note is for less than the balance of the original debt, the difference would be considered canceled or forgiven debt.

Third, the lender may agree to cancel the entire deficiency balance. You must negotiate for the release of both the property lien and the underlying personal debt secured by the note. If you fail to do this, the lender may not forgive the personal debt and it will become a collection.


Why Lenders Accept Short Sales:

* It costs lenders a fortune to foreclose a property. A short sale helps absorb additional losses and gives them immediate pay-off from the buyer.

* They are lenders, and are not in business to buy and sell real estate.

* A REO (banked-owned property) is a liability, not an asset to the bank.

* Most lenders are REQUIRED to have an amount up to SIX Times the retail value of each REO in reserves, so a short sale gives them an immediate relief.

* Protection of their banking charter

Property Owner's Benefits to Doing a Short Sale with Us:

* Help in Avoiding Foreclosure

* Less Credit Damage than Foreclosure or Bankruptcy

* Simple and Inexpensive Relief

* Our unparalleled support includes: Real Estate Professionals, Lenders, Attorneys, Buyers, Consultants and more.

* Access to our top notch network of Real Estate Professionals, Attorneys, Lenders, Mortgage Companies, Buyers, Consultants and more.

* A Fresh Start.

*You pay nothing to us upon a successful short sale transaction.

* The lender typically pays the selling and buying agent's commissions, attorney fees, rehab fees, our costs, past due payments, and more. The lender and/or seller will absorb the closing costs as well.