|What is a Short Sale?|
A short sale is when a property is sold with an agreement with the lender for less than is owed on the mortgage.
Team Honeycutt's Short Sale Program
The national economy and mortgage crises have now become a problem for many homeowners in Cabarrus, Mecklenburg and Rowan counties. With the rising cost of living, adjustable rate mortgages, job loss, inflation, sickness, death, divorce and other hardships, almost 1 out of every 10 homeowners are currently behind on their mortgage payment. The facts are that almost 7 out of 10 people who are in default end up losing their home to foreclosure. The long term credit impact of a foreclosure on you and your family can be devastating but is avoidable.
If you are currently having trouble making your mortgage payment, please give us a call at 704-721-7130. We are educated Certified Distressed Property Experts (CDPE) and may be able to help you save your home and your credit score.
It is a fact that a foreclosure will leave you with the worst credit history and score that you can have. A foreclosure may reduce your credit score up to 300 basis points and will stay on your credit report permanently. Many employers are checking credit scores for employment and if you have any type of military security clearance, it could be lost. Please do not let this happen to you. Speak with us as soon as you think there could be a problem. Communication is very important to helping you beat foreclosure.
Below you will find some helpful links that will educate you more on the Short Sale process. Please don't hesitate to contact us.
In order to qualify for a short sale, you must have already missed or know that you are going to miss a mortgage payment soon. The property must be put on the market for sale and must show an effort to be sold at current market value. Some people believe that a bank will accept any amount on a short sale but this is not true. The bank will negotiate but in order to qualify for a short sale you need to get as close to market value as possible.
The seller must be in distress due to one of the following reasons: