The Ark Law Group: Complete Guide to Short Sales
Millions of Americans now owe more on their mortgages than what their property is worth. The financial crisis is nowhere near over. Many of these homeowners, dealing with unemployment, under-employment or wage cuts, are struggling to make their monthly mortgage payments. Faced with the decision of either continuing to throw money into a sinking ship, or waiting for their lender to foreclose on them, many are not aware that they have another option: the short sale.
Foreclosure is an expensive process for lenders. They want to avoid foreclosure, too, so they regularly forgive underwater homeowners of mortgage debt totaling $100,000 or more through short sales. This step-by-step guide explains how to work with your lender to achieve a short sale, so you can avoid foreclosure and get out of an unaffordable mortgage.
Simple and straightforward chapters, written in plain English, outline how the foreclosure process works, what a short sale is, and how to determine whether a short sale is the best option for you. All of the implications of a short sale, including how it is easier on your credit rating than having a foreclosure on your record, as well as what it means for your ability to get financing in the future, are explained.
Subsequent chapters outline the short sale process, explaining:
- how to prepare a short sale package
- what factors make a lender likely to approve a short sale
- what to do if there is a second mortgage or other junior liens
- who are the parties involved in negotiating a short sale
- whether to work with a real estate agent or short sale negotiator
- the tax implications of a short sale
The short sale process has changed substantially in the last two to three years, with government guidelines and regulations constantly being updated and amended. The Ark Law Group: Complete Guide to Short Sales provides the most current information for 2013, with relevant and up-to-date information including:
- the most recent government and in-house lender short sale programs and incentives
- the newest developments in wording in short sale approval letters, particular regarding the seller’s obligation to repay any deficiency balance
For many struggling homeowners, a short sale is the fastest and surest way to avoid foreclosure and move ahead to financial freedom. The Ark Law Group: Complete Guide to Short Sales spells out exactly how to do that.