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Are you or someone you know facing a potential foreclosure?
Millions of Americans are dealing with tough financial times, and many people are wondering what they can do if they can no longer afford their mortgage. If you need to sell, but are under water on your mortgage, a short sale may be a very good option. The principals of Brownstone have successfully facilitated hundreds of short sale transactions, with a proven track record within the northeast market that few can compete with.
Short Sale Details:
A short sale is when a lender agrees to accept less than the full amount owed at the sale of a home. This allows distressed sellers the ability to get out from underneath their heavy debt and get a fresh start in their life.
There are many reasons why a seller should consider a short sale…
Typically a short sale does less damage to a sellers’ credit than a foreclosure, allowing them to consider another home purchase sooner.
A foreclosure can prohibit a person from buying another house for 5-7 years, depending on the situation and loan type. Lenders are more willing to lend when they know a person took matters into their own hands and worked hard to resolve a difficult situation instead of just letting their property go.
Lenders have the right to go after a homeowner for the deficiency between what is owed and what the bank recovers from the sale of the property. When you do a short sale, you have an advocate working to get that deficiency waived, either in whole or partially. While every lender has their own policies, there are government sponsored short sale options that can help waive a deficiency in certain situations. And during the short sale process, a seller has an advocate working on their behalf to get the deficiency balance waived or at least significantly reduced. In a foreclosure, there is no advocate working on the owners behalf.